Historical analysis shows that Ethereum is on the verge of a brutal six-month correction after nearly doubling since the start of the year.
Ethereum Is Primed to See a Six-Month Correction
Ethereum is primed to see a six-month correction, despite rallying by nearly 200% since March’s capitulation lows.
An analyst recently shared the chart below accentuating this sentiment. It shows that Ethereum has a pattern where it rallies during the first half of the year, then corrects during the second half.
Should this trend persist, Ethereum is primed to see a six-month correction that will likely bring it back into the ~$100 range.
“If ETH follows its cycle this time then high of the year could be in & we’ve 6 month correction,” the analyst who shared the chart wrote.
Ethereum price analysis by cryptocurrency trader ‘Edward Morra’ (@edwardsmorra_BTC on Twitter). The chart from TradingView.com
On-chain analytics also show that Ethereum is on the verge of moving lower.
Earlier this month blockchain data firm Glassnode revealed that ETH’s recent price performance has allowed 80% of the cryptocurrency’s total supply to move into a region of “profit.”
This metric is derived by determining the prices at which all Ethereum addresses accumulated the cryptocurrency.
The last time this metric was this high, Ethereum retraced from ~$290 to $88 in the span of six weeks. And the time before that, the cryptocurrency retraced from around $360 to $120 over the course of six months.
Ethereum on-chain metrics shared by cryptocurrency analytics firm Glassnode (@Glassnode on Twitter).
Blockchain data firm IntoTheBlock revealed that three out of seven of its core metrics are currently printing “bearish” signals.
The metrics currently “bearish” are as follows: in the money, which tracks the profitability of holders; large transactions, the number of high-volume ETH transactions; and smart price, which effectively attempts to derive an implied price of ETH by checking order book data.
Bitcoin Is Bearish As Well
The expectations of an Ethereum correction can be corroborated by equally as bearish Bitcoin analyses.
Charlie Morris, the founder of ByteTree, reported on June 14th that there currently is a convergence of on-chain data showing that prices will dive:
“1-week network velocity down to 454%, 5-wk 556%. Tx value down, av tx size down, fees down, MRI shot to pieces. Why the lack of interest? Can’t see price holding up. Fair value <$7k,” Morris wrote.
#bitcoin on chain stats are dire. 1 week network velocity down to 454%, 5wk 556%. Tx value down, av tx size down, fees down, MRI shot to pieces. Why the lack of interest? Can’t see price holding up. Fair value <$7k. https://t.co/5O82LldYl6
— Charlie Morris (@AtlasPulse) June 14, 2020
A top trader shared those expectations, referencing how commonplace it is for Bitcoin to retrace upwards of 30% during bull markets:
“I’ve been seeing more and more comments saying BTC going down to support is unlikely because that’d be too big a drop. That’s not how BTC works. Retraces are short and vicious. Crashes even more so. 40% down is not unlikely, it’s happened before, it’ll happen again.”
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Price tags: ethusd
History Shows That Ethereum Is on the Verge of a Brutal 6-Month Correction origin »
The recent market correction in Ethereum has sparked significant interest in the global crypto investment arena. As the second-largest blockchain network, Ethereum face big correction recently, prompting investors to explore promising alternatives such as ALGT and Ethena.
Ethereum price is attempting an upside correction from the $2,150 support. ETH could gain pace if it clears the $2,240 resistance zone. Ethereum started an upside correction from the $2,165 zone.
The Ethereum (ETH) price is mired in a short-term correction, after which the previous increase can continue
The post Ethereum (ETH) Price Correction: How Low Will It Go? appeared first on BeInCrypto.
The S&P 500 metric showed a price correction while Ethereum continued an uptrend.
Percent Supply in Profit was over 67% at press time, representing a four-month high for Ethereum.
The prThe post Ethereum [ETH] metric sees correction: Hopes of a bull run rise appeared first on AMBCrypto.
Ethereum is attempting an upside correction above $3,000 against the US Dollar. ETH price must clear $3,130 and the 100 hourly SMA to continue higher. Ethereum started an upside correction from the $2,950 zone.
Ethereum started an upside correction from the $1,720 zone against the US Dollar. ETH price could correct further higher, but upsides might be capped near $1,850. Ethereum formed a base above the $1,720 support zone before starting an upside correction.
Ethereum started a downside correction and traded below $1,600 against the US Dollar. ETH price found support near $1,487 and it is currently recovering losses. Ethereum started a downside correction below the $1,650 and $1,600 levels.
Ethereum is down 7. 5% in the past 24 hours as Bitcoin has begun to fall from its weekend peak. The leading cryptocurrency is currently under $600 for the first time in many days. Analysts fear a further correction is possible as Ethereum’s Stochastic relative strength index (RSI) has formed a near-term peak.
Ethereum started a downside correction from the $620 zone against the US Dollar. ETH price is now trading near a major support at $580 and the 100 hourly SMA Ethereum started a downside correction after it failed to clear the $620 and $625 resistance levels.
Ethereum’s on-chain metrics look weak despite recent bullish price action. If the trend continues, ETH could be bound for a steep correction. Ethereum Rises to New Yearly Highs Ethereum made...
Disclaimer: This article attempts to determine the price action of Ethereum on the 15th of June.
Ethereum dropped by 5.26% over the last 24-hours owing to another downside market correction. DespitThe post Ethereum short-term Price Analysis: 15 June appeared first on AMBCrypto.
The Ethereum/Bitcoin pair has been decreasing since reaching a high on May 30. The failure to break out above a significant resistance area and subsequent decline suggest that the price might have begun a correction.
Ethereum has been on an impressive rally over the past month. The leading altcoin is trading up more than 16% in the past month, as per data from crypto market site Coin360. com. Over that same time frame, Bitcoin dropped by 4%, while certain altcoins like XRP and BSV plunged by nearly 10%.
Ethereum is trading in a strong uptrend above the $230 pivot zone against the US Dollar. ETH price is likely to continue higher above the $245 and $250 resistance levels. Ethereum started a downside correction from the $250 resistance zone.
Bitcoin and the rest of the crypto market have performed extremely well over the past few days, bouncing 10% from last weekend’s correction lows. Though one cryptocurrency has been dramatically outperforming all the rest: Ethereum.
It’s been a quiet past few days for Ethereum and the rest of the crypto market. After last week’s correction, prices have settled. ETH is trading about 10% lower than its May highs, which is about the same performance assets like Bitcoin.
Ethereum and the rest of the cryptocurrency market have experienced a healthy retracement over the past five days after weeks upon weeks of rallying. From the monthly highs, ETH is down from $227 to $208 — a price correction that is just shy of 9%.
A decline of 9.53 percent on 21st May was definitely less than ideal for Ethereum, but world's second-largest digital asset did not breach any major support during the collapse. With a correction phasThe post Ethereum's expected breach above $214 might face a "delay period" appeared first on AMBCrypto.
Top cryptocurrencies like Bitcoin and Ethereum may still be up by over 100% from the March lows, but it’s been a rocky past week for this nascent market. Prices haven’t crashed per se, but cryptocurrencies have begun to print technical signs on their charts indicating that more downside is likely.
Despite the fact that Ethereum has been underperforming Bitcoin over the past few weeks, investors are highly optimistic about the asset. Data from leading exchange Bitfinex, in fact, indicates that traders have a record number of long positions open for the cryptocurrency.
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.
Investors appear to be exiting their long positions as Ethereum, XRP, and Litecoin signals point to a steep correction. Nearly $50 billion flooded the cryptocurrency market over the past two...The post Ethereum, XRP, Litecoin Rejected: More Losses to Come appeared first on Crypto Briefing.
Ethereum surged to a new monthly high at $227 before correcting lower against the US Dollar. ETH price is now testing the $205 support zone and it is likely to start a fresh rally. Ethereum started a downside correction after a strong rally above $220.
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.
Over the past few weeks, we’ve seen many begin to itch for a rally in XRP, Bitcoin Cash, and other high-profile altcoins. With Ethereum starting to outperform, investors have been wondering when others would follow suit.
Ethereum is still struggling to clear the main $200 resistance against the US Dollar. ETH could start a short term downside correction if it continues to struggle near $200. Ethereum is currently trading in a range below the $200 and $202 resistance levels.
After welcoming a bullish trend as the month dawned, a few altcoins underwent a downside correction and propelled a fresh market, one where the alts were closer to their support levels.
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Another day, another market correction. The collective cryptocurrency market fell to a market cap of $168 billion as Bitcoin's dominance stood firm at 65%. Following Bitcoin's footsteps were alts and The post Ethereum Classic, Maker, Bitcoin Cash price: Alts hint at mild revival signs appeared first on AMBCrypto.
Ethereum started an upside correction above the $130 resistance against the US Dollar, similar to bitcoin. However, ETH price is facing a few key hurdles near $150 and the 100 SMA (H4). ETH price is currently trading nicely above the $120 and $125 support levels against the US Dollar. The price is likely to move...
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Ethereum price started an upside correction from the $189.35 low vs the US Dollar. ETH to USD is facing many hurdles above $204.50 and it is likely to resume its downtrend in the near term. Key Takeaways: ETH/USD Ethereum price is trading in a bearish zone below the $204.50 and $207.75 levels against the US […]
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Ethereum started a downside correction from well above the $280 level against the US Dollar, similar to bitcoin. ETH price found support near $245 and it is currently forming a fresh bullish trend. ETH price is trading nicely above the $245 and $250 support levels against the US Dollar. The price is slowly rising and...
The latest cryptocurrency investment of a US legislator, who bought Ethereum (ETH) when its price dropped below $3,000, is generating headlines. Representative Michael Collins has reportedly taken advantage of the dip by purchasing between $1,000 and $15,000 worth of Ethereum.
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 […]
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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.
