Trading alongside Bitcoin, Ethereum saw a strong rejection at a crucial resistance this week.
For BTC, the rejection came at $10,000; for ETH, the rejection took place just above $250.
The cryptocurrency has not plunged from this pivotal level, yet analysts expect Ethereum to retrace upwards of 20% as bulls remain tepid.
Ethereum Could Revisit $200 As Price Sees Critical Rejection
Ethereum’s inability to establish a decisive foothold above the $250 level is a death knell for the ongoing uptrend, a top trader has shared.
Sharing this sentiment, he published the chart below on Jun. 13, noting how a downtrend is likely to form after two successive failed attempts at $250.
“So currently looking to be running into some pretty heavy resistance and it looks as though we could start trending down from here unless we see some large buys,” the analyst wrote, postulating that ETH could retrace to at least $200 before bouncing, if at all.
Ethereum price chart shared by “Cactus” (@TheCryptoCactus on Twitter). Chart from TradingView.com
There are other reasons why analysts expect Ethereum to retrace lower in the coming weeks.
A trader who was bearish in February when most were bullish recently indicated that Ethereum is about to break below a crucial diagonal level.
It failing to hold this level will precede a move to $200, the analyst suggested.
The technicals can be corroborated by on-chain metrics.
Per previous reports from Bitcoinist, blockchain analytics firm Glassnode found that 80% of the Ethereum market supply is currently in profit. This measure is derived by determining the price at which addresses obtained ETH, then calculating the aggregate number of coins obtained below the current market price.
This is pertinent to price action because the last time 80% of the Ethereum supply was in profit, the asset dove by over 50% in three weeks. The time below that was at the peak of 2019’s bull market.
Ethereum on-chain metrics shared by cryptocurrency analytics firm Glassnode (@Glassnode on Twitter).
Bitcoin Also Flashing Signs of Weakness
Analysts are also expecting a drop in the price of Bitcoin, which will drag Ethereum lower due to the high correlations between top digital assets.
Discussing how BTC broke below an ascending triangle formation during this week’s rejection, one analyst said:
“Still ranging. Took a stab at range high, failed to breakout, broke the ascending triangle to the bottom, and is now on its way to range low. Needs to reclaim the pattern breakdown point for me to expect higher, until then expecting range lows.”
The expectations that Ethereum retraces comes shortly after a fund manager revealed that it doesn’t see ETH as a viable investment, especially for institutional players.
Featured Image from Shutterstock
Price tags: ethusd
Ethereum Is Primed to Tumble Towards $200 Unless "Big Buyers" Step In origin »
The SEC is set to decide on Van Eck's Ethereum ETF by May 23, with market expectations leaning towards rejection amid regulatory uncertainty.
The post Fund managers predict SEC rejection of Ethereum ETFs next week appeared first on Crypto Briefing.
On Wednesday, ETH, the native coin of the Ethereum blockchain experienced a significant rejection at the resistance level of $2,871. Since this rejection, the price of Ethereum has gained a significant upward movement of over 9% and showing signs of even moving further.
Despite Ethereum’s rejection at $200 and Bitcoin’s similar rejection at $7,800, the cryptocurrency market has held strong over the past 24 hours. Case in point, Ether continues to trade for $194, just shy of the weekly highs and above the $180-190 region, which analysts have identified as a zone of support.
Ethereum’s recent uptrend reached a boiling point yesterday when the cryptocurrency rallied to highs of $148, which is the level at which ETH met significant selling pressure that led to a strong and swift rejection.
Ethereum (ETH) has posted a strong bounce from its recent lows and has not yet faced any notable rejection after climbing from these lows. This slight upwards momentum has come about as Bitcoin finds increasing stability around the $8,000 region.
ETC Labs developer Stevan Lohja stated that the project needs considering the possibility of rebranding, which means the rejection of the concept “Ethereum”. The initiative has already been supported by ETC Cooperative developer Yaz Khoury and others.
Ethereum has a bearish short-term bias, with the ETH / USD pair strongly rejected from the $235.00 level The four-hour time frame shows that a smaller bearish head and shoulders pattern may be forming The daily time frame shows that the ETH / USD pair’s 200-day moving average is coming back in focus Ethereum / […]
The post Ethereum Price Analysis ETH / USD: Sting Of Rejection appeared first on Crypto Briefing.
Investors were disappointed yesterday after Bitcoin faced a sharp and sudden rejection at $11,000, which signaled that the cryptocurrency was not ready to move higher and may have to visit a lower price region before.
ETC/USD has suddenly spiked up to face a rejection point at around $7. 50 mark. Breaking down of the 50-day SMA indicator could be a signal to end the current bullish trend of the market. ETC/USD Medium-term Trend: Bullish Supply levels: $7, $8.
The second largest cryptocurrency by market capitalization, Ethereum may have some hitches to its performance. One of it is that it was rejected again at the 200 EMA, this indicates that investors’ value for the crypto will drop.
CoinSpeaker Ethereum Price Analysis: ETH/USD Breaks Out at $134 Targeting $125 Demand LevelIn case Ethereum price goes down below $134 with the bearish candle close below the level right down there, then the bears will drive ETH price towards $125 price level.
Is the Ethereum price tumble from $165 the result of a strong rejection at a crucial resistance or simply ETH and BTC longs unwinding after an impressive weekend rally? 1-Hour Chart ETH tumbled after tackling the $165 resistance but the abrupt correction throughout the market appears to have been the primary reason for stopping its advance to $170.
Ethereum bulls will be smiling today as the price threatens to scale the 50-day exponential moving average (50EMA) for the first time since rejection on 6 November. ETH last traded above the 50EMA on the 1-day chart in May.
EOS price spiked above the $5. 30 and $5. 40 levels against the US Dollar. EOS/USD faced an important hurdle near $5. 50 and reversed its gains. Key Talking Points EOS price faced an important resistance near the $5.
Bitcoin (BTC), Exchange-Traded Fund—While the crypto markets exhibit continued price volatility, the industry focus remains on how the U. S. Securities & Exchange Commission will handle Bitcoin Exchange-Traded Funds going forward.
Ethereum Price Key Highlights Ethereum price recently broke out of a small symmetrical triangle but has slumped back in consolidation. A larger symmetrical triangle has formed and is still intact while price tests support.
This week’s top stories include two feature interview: one with Kavita Gupta, founding managing partner at ConsenSys Ventures; and another with electronic dance music DJ Justin Blau (aka DJ 3BLAU) who is launching a decentralized music festival.
For the third day in a row, Bitcoin continues to trade below the $8,000 mark that it has gained in July 2018. A flurry of events beginning with the Winklevoss ETF rejection by the SEC has seen the price of the top-ranked cryptocurrency take a considerable tumble.
Today is the last day of July that has seen Bitcoin break and maintain the $8,000 price level except for a few minor dips that were quickly reversed. Numerous experts believe that positive signs are pointing to another massive price surge for the top-ranked cryptocurrency as a new month begins.
Experts have still not reached consensus on whether the approval of a Bitcoin ETF by the SEC is all that important. Meanwhile, the markets continue reacting to the recent rejection of an ETF by Winklevoss twins - let’s check the charts
The news of the rejection of the the Winklevoss Bitcoin (BTC) ETF by the SEC shook the crypto-markets immediately. This was due to the fact that many traders were confused as to whether this was the highly anticipated ETF that would send the prices of Bitcoin to the roof.
Ethereum (ETH) continues to be in a strong downtrend on the ETH/USD daily chart, having faced a rejection at the upper limit of the resistance line in May. The price has yet to find a bottom but it is getting closer to the lower limit of the ascending channel.
Fundamental announcements drive prices and before we see such, Ethereum (ETH) prices are technically bearish. There are chances it will remain so until we see strong rejection of lower lows at BTC.
Ripple (XRP) is up for the day and appears to be on its way to a swift recovery, even if temporary, but it is losing its charm day by day. When Coinbase first announced its decision to list Ethereum Classic (ETC) instead of Ripple (XRP), the initial reaction was that of disappointment and rejection from most in the crypto community.
Analysts said that two of the biggest cryptocurrencies in the world are riding on the waves of positive sentiments as the exchange-traded funds of Bitcoin and Ethereum reached record highs. The pro-cryptocurrency stance of US President-elect Donald Trump continues to fuel the positive outlook, propelling BTC and ETH to attain unprecedented levels. Related Reading: Operation […]
On Monday, the State of Michigan revealed substantial investments in cryptocurrency exchange-traded funds (ETFs) for Bitcoin and Ethereum in a 13F filing with the US Securities and Exchange Commission (SEC).
For years, Ethereum has established itself as the second-best competitor to Bitcoin regarding technology, innovation, and use cases. If many consider Bitcoin as ‘digital gold,’ Ethereum would be ‘digital silver.
According to veteran trader Peter Brandt, Ethereum might have just seen its future looking brighter. Known for his technical forecasts, Brandt feels the altcoin is on the verge of a bullish turnaround.
On-chain data shows the Ethereum adoption rate has hit a four-month high, which could be bullish for the cryptocurrency’s price. Ethereum Network Growth Has Shot Up Recently According to data from the on-chain analytics firm Santiment, the ETH blockchain has recently created many wallets.
Ethereum (ETH) is currently facing significant selling pressure and fear after a 23% decline, bringing its price down to yearly lows at $2,200. One major concern for investors is the ongoing underperformance of ETH compared to Bitcoin, a trend that has persisted since September 2022.
On-chain data shows Ethereum has notably outpaced Bitcoin in terms of adoption during the last three months, a sign that could be positive for ETH. Ethereum Has Seen Its Holder Count Go Up By 3.3% In Last Three Months According to data from the on-chain analytics firm Santiment, Ethereum has continued to separate itself from […]
