Analysts Fear Further Downside Despite Ethereum’s Recovery from Overnight Dip

Analysts Fear Further Downside Despite Ethereum’s Recovery from Overnight Dip
ôîòî ïîêàçàíî ñ : bitcoinist.com

2021-1-5 01:00

Ethereum has seen some immense bullishness throughout the past 24-hours, with the crypto breaking free from its range-bound trading in the $700 region and rocketing past $1,000 Where the entire market trends in the mid-term may depend largely on whether or not Bitcoin can maintain its foothold in the lower-$30,000 region If the crypto can hold above here and consolidate, it could provide ETH and other altcoins with further room to rally in the days and weeks ahead One trader is noting that Ethereum may be in a precarious position at the present moment He is pointing to high predicted funding as a reason why it may see further downside It also appears that it was rejected from its weekly supply EQ overnight

Ethereum has gained some parabolic momentum over the past could of days, which has put a firm end to the phase of consolidation and underperformance against BTC that previously plagued its price action.

The cryptocurrency is now back above $1,000 following an immense rally and rejection seen overnight, and bulls are trying to build a strong base of support here.

It remains unclear whether or not the cryptocurrency will ultimately hold above this level, as analysts are widely noting that high funding and the heavy presence of leverage in the market are currently negative signs.

Ethereum Rallies Above $1,000 Following Overnight Rejection

At the time of writing, Ethereum is trading up just over 7% at its current price of $1,050. This marks a notable upswing from recent lows of $720 and a slight decline from daily highs of $1,170.

Where the market trends next will undoubtedly depend largely on Bitcoin and whether or not it can continue consolidating above $30,000.

ETH did drop as low as $890 overnight, but the buying pressure here proved immense and helped spark its rebound.

Analyst: ETH Funding Rates Potentially Grim Sign for Current Outlook

One trader explained that he is cautious with Ethereum’s present outlook, noting that the strong overnight rejection and high funding rates could indicate that this move will be sold into.

“ETH: Rejected from weekly supply EQ for now. Predicted funding going ham, seems like apes are mashing the leverage long green button. I’m out of leveraged longs for now.”

Image Courtesy of Mayne. Source: BTCUSD on TradingView.

Bitcoin’s price action will undoubtedly hold some influence over that of Ethereum. Any influx of selling pressure seen by BTC will likely create tailwinds for ETH.

Featured image from Unsplash. Charts from TradingView.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) íà Currencies.ru

$ 0 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 4.67 %
Cåãîäíÿ L: $0 - H: $0
Êàïèòàëèçàöèÿ $0 Rank 99999
Öåíà â ÷àñ íîâîñòè $ 0.0095806 (-100%)

crypto past region further ethereum foothold rally

Èñòî÷íèê: bitcoinist.com

crypto past → Ðåçóëüòàòîâ: 126


Andreessen Horowitz (A16Z) Investor Says Dismissing Crypto Already is Akin to Abandoning the Web Concept in the Early 1990s

Andreessen Horowitz (A16Z)’s General Partner, Benedict Evans, says crypto currently is analogous to the early days of the internet. People who are dismissing it now should take a lesson in history. Even though the crypto industry has seen a lot of scams and failed projects in the past couple of year, Evans thinks that it […]

2018-10-31 19:29


Why South Korea’s Biggest Game Developer Acquired Crypto Exchange Bitstamp

NXMH, the subsidiary of NXC, the $10 billion parent company of game development firm Nexon, acquired major crypto exchange Bitstamp. Based in Belgium, NXMH is a Brussels-based investment firm which has made several high profile acquisitions of European corporations throughout the past five years including Stokke, a Norwegian firm that manufactures baby strollers that penetrated into […] The post Why South Korea’s Biggest Game Developer Acquired Crypto Exchange Bitstamp appeared first on CryptoSlate.

2018-10-29 14:46


Why There is still Much Hope for Another Superb Bitcoin Price Rally

Bitcoin, irrespective of its performance on the crypto chart, has seen an increase in positive signs in its growth. The most significant coin in the crypto world, has seen some troubling times this year, even hitting a new yearly low volume within the past 48 hours but that still hasn’t frightened investors, as many of […] The post Why There is still Much Hope for Another Superb Bitcoin Price Rally appeared first on ZyCrypto.

2018-10-28 23:16


Ether Price Analysis: Historic Support Tested Amid Signs of Distribution

It’s been weeks since ether has seen a new high or a new low and the market has found itself range-bound. At the moment, we are seeing signs of distribution as large rounds of selling have remained present during key support tests:Figure 1: ETHUSD, 4 Hour Candles, Trading RangeSo far, for the last few weeks, ether has seen a trend of higher lows and low highs (the converging red trendlines).

2018-10-20 01:31


Ôîòî:

Banano Community is Reminiscent of the Early Days

The explosion of the crypto space over the past couple of years has been massively beneficial for the industry and life changing for many of its legacy members. However, that’s not to say it was unilaterally good: veteran participants will often cite the loss of charm, wholesomeness, and support as the community grew and drifted […] The post Banano Community is Reminiscent of the Early Days appeared first on NullTX.

2018-10-17 21:17


äàëüøå åùå 77 íîâîñòåé →

Ïàðòíåðû Currencies.ru

Àíàëîã Notcoin - Blum - Èãðàé è çàðàáàòûâàé Ìîíåòû



Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

Ethereum Holders Endure Unrealized Losses – Is ETH Undervalued?

Ethereum (ETH) has been underperforming in this cycle, trailing far behind Bitcoin’s impressive rally to new all-time highs. While Bitcoin captures headlines with its continued surge, ETH struggles to reclaim its yearly highs, leaving many investors questioning its next move.

Is Ethereum Undervalued? Investors Hold Firm While Price Targets Rise

Ethereum has experienced a noticeable surge in its price recently, trading above the psychological $3,000 price mark, which has reignited interest in the crypto market. According to on-chain analysis, retail investors appear to be adopting a “hold” strategy, resisting the urge to sell despite the increase in ETH’s value.