Ethereum Mirrors Bitcoin Post ATH Movement, As Market Bears Target 20% Correc...
Popular crypto analyst and key opinion leader Ted Pillows has outlined an insightful trend in the Ethereum (ETH) market amidst an ongoing price correction. Since hitting a new all-time high of around $4,900, the prominent altcoin has experienced an extensive price pullback. However, Pillows’ insights suggest further price drops may lie ahead, before another explosive rally. Related Reading: Ethereum Exchange Balance Turns Negative For The First Time – Why This Is Bullish For Price Ethereum Heading To $3,900 Before Major Surge – Here’s Why In an X post on September 6,....
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Ethereum’s price is at the bottom limit of the medium-term flat. The odds are stacking in favor of an upward movement. Is the long-term correction over? The movement, which has broken through the key support level around $14 is a wave of correction towards the downward trend. That was confirmed by the turn at $12. Ethereum’s price has broken through that resistance and, after fortifying at the $12 mark, formed a turn to decline. As was pointed out earlier, that level was responsible for the balance of power between the bulls and the bears. A fortification meant that the bears are holding....
Ethereum is currently traded between two key technical levels. An exit from that range will most likely provoke a weekly trend. Will the long-term upward trend continue? Ethereum’s price continues correcting toward the downward trend. So far, the structure of this downward trend was not disrupted. That’s why the advantage is held by the bears at the moment. The downward rebound has achieved its minimal target. The upward movement is of a larger scale than the previous correction. Because the minimal rebound has been fulfilled and the structure of the downward trend was not disrupted at the....
A rebound towards the upward trend continues. Will there be a trend on the weekend? What is the likely point of start of the new impulse? The minimal target of a rebound towards the whole upward movement which started at $403 has not been reached. There won’t be a full correction until we see one more downward wave. The $412 level is profitable for the bears, because it’s the “cheapest” price for further movement within the upward trend. That point will be the minimal target for a rebound.
Ethereum remains one of the most controversial tokens in the present market cycle, considering its status as the second-largest cryptocurrency and largest altcoin by market cap. Notably, several analysts have consistently backed ETH to reach a five-digit price mark this cycle based on varying rationales. Popular analyst Ted Pillows has now shared a new historical perspective that supports this general bullish notion. Related Reading: Bitmine’s Ethereum Appetite Grows With Fresh $70 Million Buy Short-Term ETH Correction To Precede Major $10,000 Rally – Analyst In an X post on....
According to CRYPTOWZRD in a recent post, both Ethereum and ETH/BTC closed the session on a bearish note but quickly recovered, showcasing ETH’s resilience and renewed buyer confidence. He noted that a move above $4,000 would be a crucial development, potentially marking a key turning point for Ethereum’s momentum. Bearish Daily Close Mirrors Bitcoin’s Market Direction CRYPTOWZRD further explained that Ethereum and ETH/BTC’s daily candle bearish close followed Bitcoin’s lead. Despite the negative close, Ethereum displayed relative strength compared to most other cryptocurrencies,....