Ethereum’s Bullish Trend May Not Stop It from Seeing a Strong Correction: Analyst

Ethereum’s Bullish Trend May Not Stop It from Seeing a Strong Correction: Analyst
фото показано с : bitcoinist.com

2020-12-23 01:00

Ethereum and the entire cryptocurrency market have been facing some immense turbulence throughout the past few days and weeks The selling pressure seen by the cryptocurrency within the upper-$600 region has been quite intense, and may cause it to face continued weakness One trader is now noting that where the market trends next will depend mostly, or entirely, on Bitcoin He notes note that he is looking for ETH to see a strong correction over the coming weeks, noting that there are multiple signs of over-extension This would perpetuate a bearish trend of underperformance against BTC that has been plaguing the cryptocurrency as of late

Ethereum and the rest of the crypto market have seen a notable retrace throughout the past few hours, which has come about due to Bitcoin’s weakness in the time following its plunge from highs of $24,200.

Where the entire market trends next will undoubtedly depend on Bitcoin, as it has been a guiding force for altcoins like Ethereum.

One trader is now noting that Ethereum shows some signs of independent technical weakness that may cause it to see further downside.

He specifically points to the cryptocurrency’s weekly Stoch RSI as one indicator that has nailed previous tops and is now flashing bearish once again.

Ethereum Struggles to Gain Momentum as Market Moves Lower

At the time of writing, Ethereum is trading down just under 4% at its current price of $613. This marks a notable decline from recent highs of nearly $670 that were set yesterday.

Where the cryptocurrency trends in the mid-term may depend largely on whether or not bulls can defend against a break below $600 and continue respecting this level as a long-term base of support.

Trader: ETH Could See a Major Correction in Coming Weeks 

One popular cryptocurrency trader explained in a recent tweet that he believes Ethereum could be on the cusp of seeing a notable correction.

He contends that this will take place over the coming few weeks due to a bearish sign flashed by its Stoch RSI.

“ETH – Is bullish but…. I’m looking for a correction over the coming weeks and months (much depends on BTC of course and ETHBTC). Weekly Stoch RSI has been nailing tops on eth.”

Image Courtesy of TraderXO. Source: ETHUSD on TradingView.

The coming few days should shine a light on whether or not Ethereum will truly continue underperforming against Bitcoin, or if it will soon be able to gain some ground.

Featured image from Unsplash. Charts from TradingView. origin »

Bitcoin price in Telegram @btc_price_every_hour

Global Cryptocurrency (GCC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0034358 (-100%)

cryptocurrency market correction ethereum may noting trends

Источник: bitcoinist.com

cryptocurrency market → Результатов: 126


Фото:

New Token, Metamortals Aims To Overtake Axie Infinity To Lead the P2E Cryptocurrency Market

As the cryptocurrency market widens and more industry players look to improve on existing use cases, the cryptoverse may be due for a shift. As a result, we’re witnessing a rise in an ecosystem where players enjoy the full benefits of the blockchain and crypto world, from staking for high rewards to unlocking higher yields […]

2022-8-19 19:07


Altcoins Pumping on Cryptocurrency Exchange Listing Brings Back Memories Of Bull Market

You can’t teach an old dog new tricks, but apparently, listing an older cryptocurrency on a new exchange can bring back memories of the cryptocurrency bull market that once was. An altcoin being listed on Binance has resulted in nearly a 100% intraday pump – something that hasn’t been seen since crypto prices and exuberance […]

2020-6-22 20:30


Фото:

Cryptocurrency News Roundup for March 12, 2020

It’s the textbook example of a market bloodbath — there’s no way to sugarcoat it. Cryptocurrency traders who didn’t get a chance to react had the worst of it. Almost $100 billion was wiped from the market cap over the past 24 hours, with Bitcoin closing 38% in the red and some major altcoins lost […] The post Cryptocurrency News Roundup for March 12, 2020 appeared first on BeInCrypto.

2020-3-13 11:21


Belden Entertainment England Payment Gateway Publication

Since the beginning of Bitcoin in year 2009, The cryptocurrency began to emerge. Meanwhile, there are over 1600 kinds of cryptocurrency trading in the whole world, the market value of the entire cryptocurrency market has exceeded 3 trillion dollars; But on the other hand, the number of blockchain users is growing at a rapid rate […] The post Belden Entertainment England Payment Gateway Publication appeared first on CCN Markets

2019-6-30 12:33


The Cryptocurrency Market is Looking Hopeful – But Will it Last?

Over the last couple of days, the long-struggling cryptocurrency market seems to have found some support, and we are seeing small but impressive gains across some assets. The only question now is whether it will last and in that case for how long? What Do the Latest Cryptocurrency Gains Mean? Naturally, all we can do […] The post The Cryptocurrency Market is Looking Hopeful – But Will it Last? appeared first on ZyCrypto.

2019-3-27 22:43


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Ethereum Smart Money Might Be Repeating This Playbook — ETH Soared 173% Last Time

After a fairly good performance in April, the Ethereum price has reversed almost all its recent gains over the past month. As it crumbled under the weight of the bears heading into the weekend, the altcoin eventually found a cushion of support just above $2,000 in the early hours of Saturday. However, the Ethereum token seems […]

Ethereum Cools Off Below $2,450 – Lower Leverage Sets The Stage For A Breakout

Ethereum is testing resistance as the market heats up and buyers attempt to force a decisive break above the level that has capped the recovery for nearly a month. The price action is building toward a resolution — and top analyst Darkfost has examined the derivatives data behind the current setup in a way that adds structural context to both the consolidation and what it might take to end it.

Ethereum Leverage Ratio Sees Sharp Drop: What It Means

Data shows the Estimated Leverage Ratio has seen a sharp decline for Ethereum on Binance, a sign that traders have been pulling back on risk. Ethereum Leverage Ratio Has Dropped To A Value Of 0.57 As pointed out by an analyst in a CryptoQuant Quicktake post, speculative activity in the Binance Ethereum derivatives market has […]

Ethereum Is Finally Rewarding Risk Again – But the Direction Has Changed

Ethereum is pushing against the $2,400 level but has not been able to close above it, caught in a market that is heating up around it, while the price action remains tentative. The broader environment is increasingly constructive, but ETH is still navigating the lingering effects of the correction that defined the first quarter of […]