Ethereum has been inching lower after breaking below the support level at the bottom of its long-held trading range
This decline has come about despite Bitcoin showing some signs of stability within the lower-$9,000 region
ETH is now trading at a crucial support level that buyers are attempting to defend, as a break below it could be dire
Analysts are now noting that for the first time in a long time ETH is showing signs of macro weakness
This could mean that major downside is imminent
Ethereum has been generating massive on-chain activity in recent times. Multiple metrics detailing its usage have surged to all-time highs, and the crypto, by most means, appears to be fundamentally robust.
That being said, this has not been enough to invalidate the technical weakness it has been seeing in recent times.
The divergence between its fundamental strength and technical strength may be due to the booming DeFi trend, which doesn’t directly lead to value accrual for ETH’s price – at least not at this time.
One analyst is even noting that Ethereum is starting to flash some signs of having macro weakness from a technical perspective.
The same analyst believes that this technical weakness could be further compounded by a potential miner-induced selloff stemming from a recent surge in outflows to exchange wallets.
Ethereum Shows Signs of Having “Macro Weakness”
At the time of writing, Ethereum is trading down marginally at its current price of $229. This is around the level at which it has been hovering throughout the past day.
ETH has been caught within a trading range between $230 and $250 over the past few months, and each dip below this range’s lower boundary has been fleeting in the past.
Analysts are noting that this time may be different. One prominent pseudonymous trader explained that the consecutive closes beneath $230 have given rise to the first “major signs” of bearishness it has seen in quite some time.
“ETH HTF Update: Priced has closed below $230 for nearly two consecutive weeks, this weeks wick is looking pretty nasty right now with a huge rejection over the past few days… First major signs of bearish PA showing up on HTF charts,” he explained.
Image Courtesy of Cactus. Chart via TradingView.
Here’s Another Factor that Could Adversely Impact ETH
Analysts are also closely watching miner outflows as a factor that could have a grim impact on Ethereum.
As Bitcoinist reported yesterday, the same trader explained that he is growing cautious about Bitcoin and Ethereum’s near-term outlooks due to this bearish catalyst.
“While I am super bullish on both BTC & ETH over the next 12/24 months, over the past week there has been a huge spike in miners moving funds on exchanges… This is usually followed by large drops in PA,” he said.
Image Courtesy of Glassnode.
Featured image from Shutterstock.
Charts from TradingView. origin »
From the lows recorded in mid-March, bitcoin (BTC) is up by a whopping 120% at the time of publication. Even so, the cryptocurrency has not staged a steady uptrend. In fact, BTC has been stuck in a bout of sideways trading over the last three-plus months despite showing signs of a bull trend as it […]
Ripple is currently correcting higher from the $0. 1783 low against the US Dollar. XRP price is showing positive signs, but it must surpass $0. 1850 to continue higher. Ripple slowly gaining traction and it is trading above the $0.
The Cardano (ADA) price has been consolidating after an upward move at the beginning of May. It is, however, already showing signs of a continuation move. Tezos (XTZ) is currently attempting to break out from an important resistance area, which would be a sign that the price will continue moving upwards.
Ethereum is up more than 4% and it surged above the $240 resistance against the US Dollar. ETH is currently showing a lot of bullish signs and it is likely to accelerate above $250. Ethereum is gaining bullish momentum and it is trading nicely above $240.
Bitcoin is showing some signs of strength after it posted a strong rebound from its recent lows set around $9,200 The crypto has since climbed back above $9,400, and appears to be navigating through what has become a heavy resistance level Analysts do believe that the token is poised to see further upside due to a few key factors One such factor would be the ongoing rise seen while looking towards the stock market, which […]
Bitcoin’s consolidation phase is showing few signs of letting up anytime soon. The benchmark crypto is still trading within the lower-$9,000 region, and the support just below its current price level appears to be significant.
Bitcoin’s consolidation phase has persisted, with the cryptocurrency continuing to trade sideways as it hovers around $9,360 The cryptocurrency has struggled to garner any notable momentum, showing some signs of weakness as it continues trading around the lower boundary of its range It does appear that it could be poised to see further near-term weakness due to it forming a weak technical structure This could spark a correction that causes it to decline throughout the […]
Bitcoin’s unrelenting trading range has offered investors few insights into its near-term trend This range has persisted since the start of May, and isn’t showing no signs of letting up anytime soon Overnight sellers did attempt to shatter the lower boundary of this trading range, although this was quickly reversed by ardent buyers who have since pushed it back to $9,400 It now appears that this consolidation trend could extend even further The resolution to […]
A version of Daedalus for the Shelley testnet is released while 56% of the addresses holding ADA are in profit. It was in last month that Cardano prices started showing signs of life after a long time.
After showing strong signs of a long-term reversal, the LOOM price has broken out from a major resistance. This could be the first step of a more significant move upwards. RLC has already broken out from a long-term descending wedge and has begun to move upwards.
The IOTA price has been consolidating near 2000 satoshis since August 2019. The price has been showing strong signs of a reversal, indicating that a bullish trend may soon begin. Weekly Analysis The weekly chart for IOTA reveals that the price has been decreasing since September 2018.
Bitcoin’s well-established consolidation trend is showing no signs of ending anytime soon, as the crypto is still hovering within the mid-$9,000 region Each attempt to break above or below the upper and lower boundaries of its current trading range have been unsuccessful There is, however, one fractal pattern that bodes well for the crypto’s bulls One analyst is pointing to similarities between previous silver price action and Bitcoin for insights into where the benchmark digital […]
Bitcoin is about to close Q2 very strong, according to data from Skew. With only 14 days left to go, Bitcoin has gained over 48% in the quarter and is still showing positive signs of upward price movement.
The prices of both ICON (ICX) and Hedera Hashgraph (HBAR) have been correcting over the past two months. While both have halted their decline, ICX is showing stronger signs of reversal. ICON (ICX) The ICX price has been declining since April 1, when it reached a high of 4265 satoshis.
After facing an intense influx of selling pressure yesterday, Bitcoin has been able to recover some of its recent losses as it navigates back into the mid-$9,000 region The cryptocurrency is showing some signs of strength due to the rebound seen from its overnight lows Analysts do not believe that this recent movement was enough to invalidate its macro strength, and some are still offering near-term targets as high as $11,000 In order for this […]
As fast as Bitcoin rallied to $10,000, it crashed. The cryptocurrency dipped approximately $1,000 in the span of eight hours in a process that liquidated approximately $80 million worth of contracts on BitMEX’s XBT market.
The Ethereum price is trading inside a vital resistance area. A breakout above could trigger a rapid price rise. However, the price has been showing signs of weakness lately, making a rejection more likely.
A confluence of technical and fundamental signs are showing that Bitcoin is on the verge of entering into another parabolic bull run, despite recent weakness. Bitcoin Flashes Positive Momentum Signals According to prominent cryptocurrency chartist Nunya Bizniz, Bitcoin in May printed the exact same signal that marked the start of all prior bull runs: “three consecutive higher monthly [candle] closes.
Although Ethereum has embarked on an impressive 170% rally since March’s lows, the cryptocurrency remains more than 80% below its all-time high of $1,430. With such a strong retracement from its all-time highs, there have been some skeptics questioning if ETH will ever hit a new all-time high.
The Bitcoin dominance rate (BTCD) has steadily decreased alongside a descending resistance line from May 14. The price is showing short-term reversal signs, but the trend remains bearish as long as BTCD is below this line.
Both LTC/USD and LTC/BTC have broken out from descending resistance lines and are targeting the closest resistance levels. The breakout from the current descending resistance line was noted by cryptocurrency trader @Mesawine1, who tweeted an image showing the breakout and predicting that the price could increase all the way to the next resistance area at […]
The post Litecoin Shows Signs of Life After a Long Decrease appeared first on BeInCrypto.
Ethereum is up more than 8% and it broke the key $215 resistance zone against the US Dollar. ETH price is trading nicely above $220 and it could continue to rise above $230. Ethereum is showing a lot of positive signs and it rallied above $215 and $220. The price is likely to continue higher...
Ethereum is showing positive signs and it broke the $205 resistance against the US Dollar. ETH price could rally significantly if there is a clear break above the $210 resistance. Ethereum gained traction and managed to climb above the $205 level and the 100 hourly SMA.
Many cryptocurrencies on the market are showing signs of indecision, and investors are waiting on the sidelines for Ethereum, XRP, or Litecoin to finally breakout. Ethereum, XRP, and Litecoin Remain...
The post Investors Sidelined as Ethereum, XRP, and Litecoin Trade Sideways appeared first on Crypto Briefing.
After the rapid downward move on May 24, BTC has been showing signs of life with a slight upward retracement. However, it has yet to move above the first important resistance area, found at $8,950.
The crypto market has yet again seen the signs of a pump and dump. Not that they have been completely eradicated from the market since the 2017 bull market but in the past few years as the market corrected and then consolidated, the blatant pump and dumps took a rest. There have been cases of […]
Ethereum has been seeing some incredibly lackluster price action throughout the past several weeks and months, setting a series of lower lows while losing ground against Bitcoin Despite showing signs of technical weakness, data shows retail investors have been busily accumulating the cryptocurrency This trend isn’t unique to just retail investors either, as data also reveals that institutional investors have also been stocking up on ETH Ethereum has seen some lackluster price action in recent […]
Ethereum is trading nicely above the $192 and $200 support levels against the US Dollar. ETH price could start a strong rally if it clears the $210 and $215 resistance levels. ETH price is showing positive signs above $200 pivot level against the US Dollar.
Ethereum has once again declined back down to its long-held consolidation channel around $200 The cryptocurrency is now showing some signs of weakness as it continues performing poorly alongside Bitcoin and most other major altcoins This weakness could soon lead it down to a key support level that must be maintained by buyers A failure for ETH to hold above this level could mean a “car crash” style decline is imminent, according to one analyst […]
Bitcoin failed to climb above the $9,950 and $10,000 resistance levels against the US Dollar. BTC price is currently plunging and it is now vulnerable to more losses below $9,400. Bitcoin is down more than 3% from the weekly high and it is now showing bearish signs.
Theta Token (THETA) has broken out above an important resistance level and validated it as support afterwards. RVN has yet to break out but is showing strong signs of a reversal. Ravencoin (RVN) Cryptocurrency trader @IncomeSharks outlined an RVN chart in which the price is exiting his buy zone, which is found at 200 satoshis.
OGN and COS are showing signs that their long-term downward trend may be nearing its end. Even though ETC and VIBE show similar price action, the chances for a reversal are not as strong. With the consistently increasing Bitcoin dominance rate, altcoins are naturally falling to their lowest levels when looking at their BTC pairs.
Despite launching with considerable fanfare in early 2019, grin, the first cryptocurrency to test privacy protocol MimbleWimble, is showing no signs of life.
During the ongoing Bitcoin (BTC) rapid increase, many ALT/BTC pairs have fallen near their all-time lows. In this article, we will take a look at two of them, which have been showing some signs of a reversal.
The cryptocurrency known as Stellar has been a relatively poor performer over the last several years, however, throughout 2020 the once-booming altcoin has been showing signs of a strong recovery. Now, the asset has printed a TD9 on daily price charts, following an over 10% intraday rally. Is this a sign that an altcoin season...
Ethereum is gaining bullish momentum above $190 against the US Dollar. It seems like ETH price is preparing for more gains towards the $200 and $205 resistance levels in the near term. Ethereum is showing positive signs above the $188 and $190 levels.
• The price is currently recovering and showing positive signs above $185. • Ethereum is well on its way to resistance in the medium-term ETH/USD Medium-term Trend: Bullish Key levels• Resistance levels : $260, $270, $280• Support levels: $85, $75, $65 ETHUSD is in a bullish trend market zone in its medium-term chart outlook.After retesting […]
In the beginning of May, both the XRP/USD and XRP/BTC pairs broke down from important support levels, possibly indicating that the previous upward trend has ended. While the XRP/BTC price had been previously showing signs of weakness, the XRP/USD decrease was more unexpected, possibly occurring as a result of the decrease in the price of […]
The post What Does XRP’s Breakdown Indicate for the Future Movement? appeared first on BeInCrypto.
The Binance Coin (BNB) price has been decreasing at an accelerated rate since May 5. This decrease has caused the price to break down from the support line of its long-term range. While a decrease from such a long-term support level often indicates that the price will continue going down, BNB has been showing signs […]
The post Binance Coin Attempts to Reclaim Its Lost Support appeared first on BeInCrypto.
Ripple traded to a new weekly low at $0. 1849 and currently correcting higher against the US Dollar. XRP is likely to face a major resistance near the $0. 2000 and $0. 2050 levels. Ripple is showing signs of an upside correction from the $0.
Ethereum is showing signs of an upside correction from the $176 low against the US Dollar. However, ETH price is likely to face a major resistance near $195 and the 100 hourly SMA. Ethereum extended its decline and traded to a new weekly low at $176.
On May 10, the Ethereum price broke down from an ascending support line that had been in place for 58 days. However, it has been showing short-term signs of a reversal. The breakdown transpired after a rapid drop that began on May 10 and caused the price to decrease by 14% in a single day.
Bitcoin is once again attempting to establish a firm foothold within the five-figure price region following the slight rejection it saw overnight The cryptocurrency’s current upwards momentum is showing major signs of being far more sustainable than that seen during previous months and years One economist is now noting that the lack of leverage seen during this movement signals BTC has further room to run Bitcoin is once again attempting to establish a firm footing […]
Ethereum is up around 2% and it broke the key $210 resistance against the US Dollar. ETH price is showing positive signs and it could rise further, similar to bitcoin. Ethereum is slowly moving into a bullish zone above the $210 pivot level.
Bitcoin is up more than 7% and it broke the $10,000 resistance against the US Dollar. BTC is showing many bullish signs on the daily chart and it is likely to test $10,500. Bitcoin is gaining bullish momentum and it recently spiked above $10,000.
Bitcoin has posted a notable upswing today that has allowed it to approach its next key resistance level at $9,500 The cryptocurrency’s intense uptrend is showing no signs of slowing down as it continues gaining dominance over the entire market Some analysts are now noting that altcoins could be positioned to see some serious losses in the weeks ahead as they all decline against their BTC trading pairs The aggregated cryptocurrency market has continued declining […]
Ethereum has been showing some unprecedented signs of weakness in recent times. This can be seen clearly while looking towards the cryptocurrency’s BTC trading pair. It does appear that in the near-term, the crypto is at risk of seeing a sharp decline as it struggles to remain steady above the support that exists around $200....
Ripple is currently consolidating above the $0. 2100 support against the US Dollar. XRP price is showing bearish signs, but it could start a fresh increase as long as it is above the 100 SMA (H4).
Ethereum has been struggling below the $2,800 mark for weeks, unable to reclaim it as support and spark a recovery rally. This critical resistance level has kept bulls at bay, leaving the price action stagnant and fueling negative sentiment in the market.
Ethereum price action amid the broader crypto market bearish sentiment over recent weeks hasn’t been any different from the performance recorded in the past months. Over this period, Ethereum’s price has struggled to gain significant upward momentum, remaining in a prolonged consolidation phase.
Ethereum has been struggling to regain momentum, trading below the critical $2,800 mark since last Thursday. Bulls are in trouble as the price remains trapped under key supply levels, leaving investors concerned about Ethereum’s short-term future.
Ethereum price is moving higher above the $2,600 zone. ETH might gain bullish momentum if it clears the $2,800 resistance zone. Ethereum started a fresh increase above the $2,650 resistance level.
Ethereum has been struggling below the $2,800 mark since last Thursday, leaving bulls in trouble as the price continues to trade beneath key supply levels. This bearish price action has shaken investor confidence, especially among those who anticipated 2025 would be a bullish year for Ethereum.
The Ethereum Spot ETFs began February 2025 on a strong positive note, recording net inflows double the size in the Bitcoin ETF market in the first week of the month. Interestingly, this development coincided with a bearish trading week for Ethereum, during which its price declined by 16.
Ethereum experienced its most aggressive selling pressure in history last Monday, with the price plunging 25% in a single day. This dramatic drop shook the entire market, leaving investors on edge.