Ethereum (ETH)News

Analysts Say Ethereum Might Undergo Another Bearish Run

Ethereum has in the last few days been oozing a bullish momentum, which has seen the digital asset go all the way up in its chart. With the digital asset witnessing a bullish run now, it was achievable after seeing a small decline run in previous weeks. The digital asset is presently trading around $1181, registering a small profit of about 0.02% in the last 24 hours.

The digital asset has a lot on its hands, of it would break the lastest resistance figure that is set at $1294 and bank on its bullish momentum to trade higher. Notably, Ethereum has been trying without success to breach this resistance figure in the last few weeks, and the asset has recorded little or no success.

Ethereum waiting on market activity to determine movement

One thing that would be the make or break for Ethereum in the crypto market now is miners’ activities and how they help the coin. If the selling pressure on the part of miners becomes too much, Ethereum would be forced to enter a bearish run, which would see the digital asset trade around $1110.

📰  Elon Musk Nonplussed About Probable SEC Investigation into Dogecoin Tweets

This will eventually see to it that the asset has been moved way below the 9 day moving average, which is not suitable for traders. If this eventually happens, traders would be comforted because the latest support is not far behind as one is waiting for the coin at around the $1050 price mark while the others are close at $1000 and $900. If the bearish run is triggered further, then the last support that the coin would be banking on is $800.

Ethereum in decline against Bitcoin

If buyers pull together their resources in the same vein, they would be able to push the digital asset close to its first resistance figure at $1300. If the coin eventually takes on a sustained bull run, we would see it break above that resistance and aim for the next one, around $1400. The next resistance is about $1500, and if that is achievable, then Ethereum would safely hit the last resistance figure at $1600.

📰 Review – Cryptocurrency Trading Made Simple

Considering its on-chain analysis reading, one can deduce that the digital asset is close to the 67 level, which signals an overbought level in the market. If the coin stays above that level, the 9 day and 12-day moving average, the digital asset would be able to trigger a bullish run. Experts and analysts have noted that if this eventually happens, the coin might see a small downside even with the expected bullish impulse.

Taking a look at Ethereum and Bitcoin’s chart side by side, one would notice that the digital asset is trading say down against the premier coin. With the recent bearish run against Bitcoin, the coin is now around the 0.3414 BTC level. With the price of Ethereum expected to go below, experts are expecting it to create a new low in the coming days. Meanwhile, the latest support of Bitcoin against Ethereum is 0.0315 Satoshi and 0.0300 Satoshi.

Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button