These 5 Simple Factors Suggest Ethereum’s Rally is “Running on Fumes”

These 5 Simple Factors Suggest Ethereum’s Rally is “Running on Fumes”
ôîòî ïîêàçàíî ñ : bitcoinist.com

2020-9-30 23:00

Ethereum has been largely consolidating throughout the past week as Bitcoin continues lacking decisive directionality The crypto has been subjected to some increased selling pressure throughout the past couple of hours, which led its price down to lows of $350 earlier today Analysts do believe that the token could be “running on fumes” at the present moment, suggesting that it may not be able to rally any further Five factors are may be contributing to this weakness, including multiple recent hacks as well massive downside liquidity The confluence of these factors and others may lead it to see further downside in the days, weeks, and even months ahead

Ethereum is currently attempting to rebound after plunging to lows of $350 earlier today. Although the initial reaction to this level was bullish, ETH has been unable to maintain its upwards momentum.

As such, the token may now be positioned to see further downside in the near-term. This may depend somewhat on Bitcoin, as it has been firmly guiding ETH and other major altcoins.

BTC is currently pushing up against its $11,000 resistance, which has proven to be insurmountable.

While speaking about Ethereum’s near-term outlook, one analyst pointed to five simple factors that suggest it may soon see a notable plunge lower.

Ethereum Struggles to Find Stability as Selling Pressure Ramps Up

At the time of writing, Ethereum is trading sideways at its current price of $355. This marks a slight decline from daily highs of $367, but a bounce from lows of $350.

The bounce from these lows at first was intense but has since lost its momentum. This could mean that further downside is imminent in the near-term.

This has been a historically important support level, so a break below this could spark an accelerated decline down towards the support between $315 and $325.

Here are Five Factors That Point to Underlying ETH Weakness 

To justify a bearish sentiment, one analyst recently pointed to five factors that he believes could mean downside is imminent for the cryptocurrency.

“I just can’t seem to shake the feeling that ETH has been running on fumes lately. Extremely accelerated DeFi coin market cycles. Kucoin hack. EMN hack. Tons of liquidity below. Stairstepping upwards PA (typically ends in elevator down). Yet, it holds/randomly rallies. Soon I think.”

Image Courtesy of Case_NL. Chart via TradingView.

The confluence of all these factors does indicate that the DeFi hype cycle that helped drive Ethereum to highs of $490 is rapidly coming to an end.

This could indicate that further downside is imminent for the cryptocurrency.

Featured image from Unsplash. Charts from TradingView. origin »

Bitcoin price in Telegram @btc_price_every_hour

Theresa May Coin (MAY) íà Currencies.ru

$ 0.0006355 (-0.17%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.07 %, 7d: 7.71 %
Cåãîäíÿ L: $0.0006351 - H: $0.0006355
Êàïèòàëèçàöèÿ $0 Rank 8455
Öåíà â ÷àñ íîâîñòè $ 0.0002135 (197.66%)

may throughout past ethereum factors rally running

Èñòî÷íèê: bitcoinist.com

may throughout → Ðåçóëüòàòîâ: 126


Only 27% of Circulating Bitcoin has Moved in 2020; Why This Matters

Bitcoin’s ongoing bout of sideways trading has offered little insight into its mid-term outlook. New data now shows that Bitcoin’s price action throughout 2020 has been driven by a significantly limited number of market participants, which may explain why the crypto has been ranging between $9,000 and $10,000 for over six weeks. According to one […]

2020-7-1 04:00


Ôîòî:

The Probability of Ethereum Seeing a Parabolic Rise in 2020 is 7%; Factors to Consider

Ethereum has been moving in close tandem with Bitcoin throughout the past several days and weeks, struggling to garner any independent momentum as it ranges This sideways trading has done little to bolster the cryptocurrency’s bull case That being said, analysts have been pointing to its fundamental strength as a reason why it may soon explode higher Data seems to suggest that the crypto only has a 7% chance of seeing any type of intense […]

2020-6-23 23:00


Ôîòî:

If History Rhymes, Ethereum May Have Just Hit Its Mid-Term Peak

Ethereum has been closely tracking Bitcoin’s price action throughout the past several weeks and even months, struggling to garner any independent momentum This correlation has grown particularly clear over the past few weeks, as ETH is now trading within a firm consolidation channel alongside BTC and other altcoins It is important to note that one fractal pattern has emerged that appears to suggest Ethereum has formed a mid-term top If history repeats itself, the crypto […]

2020-6-18 23:00


Ôîòî:

Here are the Simple Reasons Why Bitcoin May Soon Explode Past $10,500

After a brief break below $9,000 earlier this week, Bitcoin has been able to post a strong rebound from these lows, now navigating back up towards $9,600 This climb seen throughout yesterday is certainly positive for bulls, as it points to underlying strength amongst BTC’s buyers Analysts are now laying out a few simple reasons for why this recent price action could mark an accumulation pattern If this pattern plays out, then BTC is bound […]

2020-6-17 21:00


Ôîòî:

This Key Data Metric Shows One Ultra-Bullish Crypto is About to Plunge

There’s no question that Chainlink has been the most bullish cryptocurrency on the market throughout the past couple of years, posting massive gains throughout 2019 and 2020 These gains allowed it to set fresh all-time highs earlier this year, and it now appears to be navigating back towards these highs Its mounting short-term strength, however, may be plagued by a massive influx of LINK into exchanged over the past day This could suggest that traders […]

2020-6-1 23:00


Ôîòî:

Ethereum Forms 90% Correlation to Bitcoin; Here’s Why This Is Bearish

Ethereum and Bitcoin have formed a striking 90% correlation to one another throughout the past couple of years This correlation has grown in recent times, despite many altcoins being able to break it It does appear that, in the short-term, this could prove to be dire for ETH, as the benchmark cryptocurrency may soon see a notable decline Ethereum has been generally tracking Bitcoin’s price action in recent times, with altcoins in general struggling to […]

2020-5-29 23:00


Ôîòî:

XRP Could Soon Trap Bulls; Here’s How Low Traders Think It Could Decline

XRP, like most other altcoins, has been caught within a bout of sideways trading throughout the past several days and weeks The cryptocurrency’s rangebound trading may not last long, however, as analysts are now noting that it could be poised to see some major downside in the days and weeks ahead Its next notable decline could be sparked by a bull trapping movement higher Some analysts are even pointing to a fractal that suggests new […]

2020-5-24 22:00


Ôîòî:

This Crypto Could Soon Invalidate its Multi-Year Bullish Market Structure

Chainlink has seen some immense bullishness throughout the past two years, but its strong market structure dates back even further In spite of the crypto’s ongoing upswing that has led it past $4.00, analysts are still cautious about where it may go next One trader is even noting that he believes it will soon invalidate a key growth curve that has been pivotal to its multi-year uptrend Chainlink’s immense bullishness seen throughout 2019 and 2020 […]

2020-5-21 23:00


Ethereum’s Macro Technical Structure Signals It Could Rally to $750 in Months Ahead

Ethereum’s immense weakness in recent times may not last for too much longer, as one technical structure suggests the cryptocurrency could be poised to rally higher One analyst is even noting that the crypto could surge up to highs of $750 if this structure plays out This comes as data shows that investors on cryptocurrency exchange platform Bitfinex may have been heavily accumulating ETH throughout the past several months Ethereum’s immense weakness seen throughout the […]

2020-5-19 02:00


Ôîòî:

Here’s the Simple Reason Bitcoin May Not Set Six-Figure Highs Anytime Soon

There have been a plethora of lofty predictions circulating throughout the crypto industry regarding just how high Bitcoin could rally in the years ahead Although many investors are calling for a six-figure BTC in the near-term, one analyst is noting that the daily volume required to push the crypto into this region would be too significant The lack of organic money flowing into the market is another major factor that could stop these predictions from […]

2020-5-5 02:00


Ethereum Is About to “Moonshot” After Surging Past This Key Level

Ethereum (ETH) may be on the cusp of seeing a massive parabolic rally, with the crypto’s recent bullishness laying the groundwork for what could be a violent upwards movement. The firm uptrend that ETH has been caught within throughout 2020 has allowed it to slowly grind up towards the $200 level – a price region... The post appeared first on NewsBTC.

2020-2-6 00:00


This Overlooked Factor Suggests Bitcoin May Soon See an Insane Crash

Bitcoin and the aggregated crypto markets are currently entering a bout of sideways trading that comes just days after the massive rally that sent BTC to highs of $9,500 occurred. The market structure that has developed as a result of the consistent gains seen by Bitcoin throughout 2020 highly favors bulls and has led many... The post appeared first on NewsBTC.

2020-1-31 00:00


Bitcoin and cryptos may have opened doors for 'software-powered collateral economics'

According to Vision Hill Group, a trend notably observed throughout 2019 has been the major shift of crypto-asset from a currency sentiment, towards utilization of tokens for financial applications anThe post Bitcoin and cryptos may have opened doors for 'software-powered collateral economics' appeared first on AMBCrypto.

2019-12-24 23:30


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 […]