Ethereum’s Macro Outlook Shapes Up as Technical Strength Grows

Ethereum’s Macro Outlook Shapes Up as Technical Strength Grows
ôîòî ïîêàçàíî ñ : bitcoinist.com

2020-12-7 23:00

Ethereum has been closely tracking Bitcoin as of late, which has caused it to see some consolidation Where the crypto trends in the mid-term should depend largely on ETH’s continued reaction to the $600 region Just as $19,000 is a key level for Bitcoin at the present moment, $600 is a crucial level for ETH, as breaks above this level often lead to inflows of buying pressure Where the cryptocurrency trends in the days and weeks ahead should depend largely on BTC One trader is noting that Ethereum does have some independent macro strength that could allow it to see significantly further upside in the days and weeks ahead He is specifically looking for a move up towards $1,200 next

Ethereum and the rest of the crypto market have been consolidating over the past couple of days. Both bulls and bears have been unable to influence its price action, as they have reached an impasse as the crypto trades around $600.

If it can post a sustained break above this level, it could be well-positioned to see significantly further near-term momentum.

An inability to climb above here, however, could lead to some technical weakness.

One trader expects an imminent move to the $1,200 region, noting that Ethereum’s macro technical outlook is shaping up to be highly bullish.

Ethereum Consolidates Alongside Bitcoin as Sideways Trading Persists 

At the time of writing, Ethereum is trading down marginally at its current price of $596. This is around the price at which it has been trading throughout the past few days.

This consolidation phase comes as Bitcoin struggles to gain a strong foothold above $19,000. It has been heavily influencing ETH’s price action as of late, which means that how it responds to this level could influence Ethereum’s response to $600.

Analyst: ETH’s Macro Strength Signals Move to $1,200 is Imminent 

One trader explained in a recent tweet that Ethereum’s bi-weekly chart is flashing some signs of immense technical strength.

As such, he believes that a move up towards $1,200 could come about in the months ahead, with this marking a 100% rise from its current price levels.

“ETH / USD: Looking pretty tasty on the bi-weekly chart. Higher!” He said while pointing to the below chart.

Image Courtesy of Cactus. Source: ETHUSD on TradingView.

Bitcoin will undoubtedly influence Ethereum’s trend in the mid-term, making it imperative that the cryptocurrency maintains above $19,000.

Featured image from Unsplash. Charts from TradingView. origin »

Bitcoin price in Telegram @btc_price_every_hour

Level Up Coin (LUC) íà Currencies.ru

$ 0 (+0.68%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 1.94 %, 7d: 12.29 %
Cåãîäíÿ L: $0 - H: $0
Êàïèòàëèçàöèÿ $0 Rank 99999
Öåíà â ÷àñ íîâîñòè $ 7.53E-5 (-100%)

level trends bitcoin ethereum eth key region

Èñòî÷íèê: bitcoinist.com

level trends → Ðåçóëüòàòîâ: 126


Ôîòî:

Here’s the “Do or Die” Price That Will Determine Ethereum’s Macro Trend

Ethereum has remained stuck beneath its crucial near-term resistance level at $230 The crypto has been ranging sideways alongside Bitcoin and many of its peers, but it has been unable to remain within its long-held trading range The break below this range appears to be a grim sign for the crypto Where it trends next could largely depend on how it reacts to a crucial level that it is trading 10% above Holding above this […]

2020-7-4 23:00


Ôîòî:

Institutional Traders Highly Active as Importance of Bitcoin’s Rally Grows Clear

Bitcoin’s recent rally has sparked a massive influx of activity from large retail and institutional futures traders This heightened trading activity comes as the crypto reaches a “make or break” price level that could determine how it trends in the weeks and months ahead Bitcoin incurred a notable uptrend yesterday morning that allowed it to climb from lows of $7,100 to highs of $7,800 before it met some resistance and declined back down to its […]

2020-4-26 02:00


Google Trends Show More People are Interested in Bitcoin than Stocks

Bitcoin, Stocks, these are two search terms that when compared side by side on Google Trends shows that people are more interested in the cryptocurrency than the traditional asset. People’s level of interest in Bitcoin is quite remarkable because, for the past few years, searches made on Google for Stocks has been significantly higher not […] The post Google Trends Show More People are Interested in Bitcoin than Stocks appeared first on ZyCrypto.

2019-8-2 11:02


Ôîòî:

Top-20 Exchange Just For One Year! The Story Of LATOKEN

Less than two years have passed since the ICO stage and LATOKEN is already among biggest exchanges in the world by daily trading volume. How it was possible to reach this level for such a short period of time? What helped to develop such a sophisticated project? What are the major trends in crypto field […] The post Top-20 Exchange Just For One Year! The Story Of LATOKEN appeared first on ZyCrypto.

2019-3-2 20:22


äàëüøå åùå 77 íîâîñòåé →

Ïàðòíåðû Currencies.ru



Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà 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 […]