Ethereum (ETH)News

Ethereum’s Recent Correction Could Cause An Uptrend

The digital asset reached an impressive peak some days ago, where it moved from $ 1800 to around $1,830, showing that the asset could still bring more gains as time goes. Some sources linked the asset’s movement to its past statistics, which could mean a possible breakout above the $2,000 price ranges. Ethereum has shown some impressive levels, as it continues to outshine other altcoins, currently faces some unexpected price corrections.

Experts predict that the industry could be taking a bearish outlook after Bitcoin’s price gain, which influenced other assets. However, many cryptocurrencies could be showing signs of an uptrend as they start the week with new gains. Ethereum might surge as it has undergone some necessary corrections needed to start run an upward movement.

Bitcoin and Ethereum see significant corrections

Both Bitcoin and Ethereum saw some corrections earlier in the day, which is inevitable due to the price gains. The altcoins also attained the overbought levels on the charts, which historically bring massive price growth. Bitcoin’s correction took investors by surprise, as it fell to $46,000 when it failed to take $50,000.

The $50,000 mark is a significant price point that the asset has to face to move to higher grounds. The king coin’s loss initiated losses from the altcoins but are not as significant as Bitcoin’s $3,000 price drop. Ethereum corrected from $1,830 to around $1,660, which some linked to the increasing sell-offs.

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Traders want to secure some profits from the recently added gains, which caused the price drop for both Bitcoin and Ethereum. Some statistics further revealed that millions worth of short and long positions were liquidated within a day, which worsened the asset’s downward movement.

The statistics might show that significant trading volumes are not coming as they should. Although the past few days gave some bearish outlooks, some indicators reveal that the asset might be entering into a bull market, with bulls committing towards pushing the assets to greater highs.

Crypto analyst shares his opinion on Ethereum

A crypto analyst on Twitter shared some of his thoughts on the asset’s current position. He said that each time the asset sees an overbought position, the price sees a significant uptrend. The trader said if the asset does not follow the trend, it would be a significant change for Ethereum.

The trader believes that once the RSI moves towards some overbought positions, the price goes up significantly, as seen by past actions. Presently, Ethereum is still following its known position, as it saw a 9% correction. If history repeats itself, the correction could help the asset surge towards $2,200.

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The price recovered almost immediately after it fell, showing that it is getting some power to push the resistance after the drop. The asset is presently around the $1,800 price mark, and if bulls continue the push, the price would skyrocket and assure significant gains for investors.

The indicator helps analysts figure out or predict an asset’s next move while showing their overbought or oversold levels. Experts believe that the asset’s next move would likely be a significant uptrend.


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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.

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