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.
The strong rejection at this level has put ETH into a downwards tailspin, even forcing it to lose its position within the $140 region.
Analysts are now noting that this rejection came about after the cryptocurrency hit a key resistance level, which may lead it to drop to the lower boundary of its current descending channel, potentially leading it as low as $85 in the near-term.
Ethereum Shows Signs of Reversing Recent Uptrend
At the time of writing, Ethereum is trading down roughly 3% at its current price of $139, which marks a notable decline from its daily highs of $148 that were set at the peak of yesterday’s rally.
It is important to note that Ethereum is still trading up significantly from weekly lows of $126, although its recent uptrend uppers to be at risk of reversing as its selling pressure begins ramping up.
While looking at Ethereum’s BTC trading pair, its current price action looks even more bearish than it does against USD, as it is currently down 4% against Bitcoin. This is a notable drop while considered that Bitcoin also faced a sharp sell-off earlier this morning.
Joe Weisenthal, an editor at Bloomberg, pointed out ETH’s bearishness against BTC in a recent tweet, referencing a chart that shows the Bitcoin/Ethereum cross rate denominated in USD.
“The Ethereum/Bitcoin cross is an ugly chart,” he explained.
The Ethereum/Bitcoin cross is an ugly chart. pic.twitter.com/xYwA45lV3o
— Joe Weisenthal (@TheStalwart) January 7, 2020
Will Growing Weakness Send ETH to $80?
It is important to note that the recent rejection at $148 came about as the cryptocurrency attempted to break above the upper boundary of a descending channel that it has been caught within.
Scott Melker, a popular crypto analyst, pointed to this channel in a recent tweet, explaining that the lower boundary exists around $85, which could mean that this will be the level Ethereum’s bears target if they are able to spark a massive sell off.
“$ETH (USD) At the top of a descending channel, pushing against resistance. Like any USD pair, this will likely only rise if $BTC rises as well – in which case you would probably be better off sitting in $BTC anyway, assuming you are stacking sats and not dollars,” he explained.
$ETH (USD)
At the top of a descending channel, pushing against resistance. Like any USD pair, this will likely only rise if $BTC rises as well – in which case you would probably be better off sitting in $BTC anyway, assuming you are stacking sats and not dollars. pic.twitter.com/IqGj3bure9
— The Wolf Of All Streets (@scottmelker) January 8, 2020
Whether or not Bitcoin is able to sustain above $8,000 in the near-term will likely be one key factor that helps determine whether or not ETH will soon undergo a bearish trend reversal.
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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.
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.
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 (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.
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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 / […]
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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.
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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
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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.
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