Ethereum has seen some lackluster price action in recent times, largely facing sideways trading similar to that incurred by Bitcoin and the entire crypto market
It has posted some signs of weakness throughout the past several hours due to it dipping below its well-established trading range
This has led it down to what analysts are describing as a “crucial level,” and its reaction here could determine its fate in the months ahead
One venture capitalist is noting that it is imperative that the crypto makes a movement in the near-term, as its strength is degrading the longer it ranges sideways
Ethereum’s sideways trading over the past few weeks may soon draw to a close, as its ongoing break below a key support level will likely lead it down to a critical support level.
Analysts are noting that the reaction to this level could play a heavy role in determining which direction it trends throughout the second half of the year.
If it is unable to post a potent bullish reaction to this support, it could be a sign of underlying weakness signaling that further downside is imminent.
One venture capitalist believes that the chances of it entering a short-term downtrend are growing larger the longer it trades sideways without a clear trend.
Ethereum Inches Lower as One Venture Capitalist Forecasts Further Near-Term Weakness
At the time of writing, Ethereum is trading down by just under 1% at its current price of $228. This is around the level at which the cryptocurrency has previously found some significant support.
If buyers are unable to support it here and don’t boost it back into its previously established trading range between $230 and $250, the crypto could find itself caught within the throes of an intense downtrend.
One prominent venture capitalist explained that he does believe the chances of Ethereum seeing further downside are growing as the crypto continues “fading” at its current price levels.
“The longer BTC & ETH fade here the more likely we take another leg down to test key supports, despite the strong fundamentals of both. I would see this as more macro-jitters driven than specific to crypto’s future.”
Here’s the Crucial Level That May Determine ETH’s Future
One popular cryptocurrency analyst explained in a recent tweet that Ethereum’s reaction to the $220 region will be critical for determining where it will trend in the months ahead.
He notes that he is expecting it to bounce within this price region, but this may depend on Bitcoin’s price action.
“ETH LTF Update: Currently waiting to see if PA will take a dip down and fill some bids in this very strong $220 region which has been a crucial level for price action for a while now… I currently have orders ready to be filled there as would be expecting a bounce to $230.”
Image Courtesy of Cactus. Chart via TradingView
Featured image from Shutterstock.
Charts from TradingView. origin »
Bitcoin and the aggregated cryptocurrency market have been caught in the throes of an unrelenting consolidation phase over the past few weeks This has muddied the clarity that many analysts previously had regarding the strength of the market’s multi-week uptrend It does appear that buyers got a much-needed boost overnight, however, as bulls were able to post a potent reaction to its key support Analysts are now eyeing a few key factors for insight into […]
Bitcoin (BTC) has led the crypto markets to see some intense bearishness over the past couple of days, with its recent drop below $10,000 leading many of the altcoins that were previously caught within intense uptrends to see sizeable retraces.
Bitcoin appears to be currently trading at a pivotal price region, as its reaction to the resistance it is facing at $9,000 could set the tone for where BTC trends in the weeks and months to come. Analysts are now noting that they widely expect Bitcoin’s reaction to this level to ultimately result in a... The post appeared first on NewsBTC.
Bitcoin experienced a sharp and sudden drop earlier this morning that led the crypto as low as $6,400, and its reaction to this level has provided some much-needed validation for embattled bulls who feared that BTC would experience significantly further losses.
After an extended period of trading sideways around $7,200, Bitcoin’s bears have once again gained control of the cryptocurrency and have sent to a key support level. BTC’s bulls have so far been able to defend this level, but it remains unclear as to whether it will continue to hold as the weekend continues on.
A bond issued by the problem-ridden Deutsche Bank has been tokenized on the EOS network. The creation of tokenized assets is nothing new, but this time, the decision raised eyebrows. EOS-Supported Tokenized Bond Met with Skepticism EOS, a much-touted project, is still seen as dubious, hosting significant bot activity in its distributed app market.
Bitcoin seems to be on its way towards recovery, after a promising start today. The leading cryptocurrency has gained approximately 3%, which puts it well above the $8000 price level. Altcoins are largely following suit, with Tezos and Chainlink gaining above +8%.
Summary:Following unconfirmed claims by the NYC Attorney General regarding Bitfinex and Tether’s insolvency, the bitcoin market had a knee jerk reaction that caused us to retest macro support.
This article was originally published by 8btc and written by Olusegun Ogundeji. Bitcoin has crossed the $5,000 price range again (after its first reach to that level in 2017) following a sudden breakout on April 2, 2019.
Bitcoin Price slide, potential support at $3,400 or 78. 6 percent Fibonacci level SEC may not approve Bitcoin ETF Reaction at $3,700 important for bulls In the short-term, sellers seem to be in charge and yesterday’s drop below our immediate support at $3,700 may lead to reductions towards $3,400.
Latest Bitcoin News Crypto and Bitcoin prices are all over the place. Volatility is back and after temporary weeks of consolidation above the $5,800–$6,000 support—now important resistance level, November double-digit losses redefined short-term Bitcoin price trajectory.
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).
Once again, bitcoin finds itself precariously perched on the bottom of its macro trading range (TR). After a strong round of selling over the course of two weeks plunged the price back to the $6,000s, bitcoin began consolidating for several weeks at the bottom of the TR:Figure 1: BTC-USD, 1-Day Candles, Macro TRAs shown in the figure above, the market has interacted several times at the current price range and it has been a source of three major bullish rallies.
In two short weeks, ETHUSD has devalued by 50% of its market value. With little to no relief for the underwater bulls, ether seems to be accelerating downward as buyer confidence is lacking and showing signs of capitulation.
When the SEC announced its rejection of the Winklevosses’ latest bitcoin ETF filing, the industry found itself reckoning with a problem on repeat: striving toward the goal of approval, another Exchange Traded Fund (ETF) proposal faced the SEC’s death knell.
In the frenzies of late 2017/early 2018, it is crazy to think that the price of Tron once reached $0. 35. We are currently trading at around a tenth of those highs around the $0. 036 to $0. 037 level.
There is a supremacy “war” going on between BTC and Bitcoin Cash but the common thing is that both are bleeding. At current prices, $600 is but some ticks away and that means caution since there have been reaction at this level when we point out Bitcoin Cash daily price chart.
Ethereum has experienced a crucial surge above the $2,000 mark, a key level that bulls have struggled to reclaim since March 10. This breakout brings renewed optimism, as analysts believe a stronghold above this level could trigger a rally toward higher prices.
According to an X post by crypto analyst CryptoGoos, Ethereum (ETH) may be nearing the end of a bear trap. The analyst predicts that the cryptocurrency could surge past its recent range high of $4,000, potentially eyeing a new all-time high (ATH) of $10,000.
Ethereum (ETH) is facing significant selling pressure, trading below the $1,900 mark as market uncertainty continues to weigh on price action. After losing the critical $2,000 level, ETH plunged as low as $1,750, marking its lowest point since October 2023.
Ethereum has experienced a massive price surge, jumping from the $2,200 level to $2,500 in just a few hours. This comes after a period of extreme selling pressure that saw ETH drop as low as $2,080 on Friday, leading analysts to expect further declines.
Ethereum is trading below the $2,300 mark after failing to hold key demand levels last week. The price has faced intense selling pressure, fueling concerns among investors that ETH may not see a strong bull market ahead.
In line with major losses across the crypto market, Ethereum (ETH) declined by 17. 08% in the past week reaching as low as $2,104. While the prominent altcoin has shown some minor gains in the past 12 hours, the general market sentiment remains bearish.
Ethereum has experienced a massive drop, losing over 27% of its value in less than five days as the market faces extreme fear and uncertainty. The rapid sell-off has fueled speculation that a bear market could be on the horizon, with many analysts calling for further downside in the coming months.
