Ethereum’s Rebound is “Getting Tired” as Analyst Eyes Move to $520
Ethereum has been climbing higher today alongside Bitcoin and the rest of the crypto market The strength seen as of late comes as Bitcoin puts some serious distance between its recent lows and its current price levels This indicates that bulls are in full control and are looking to form a “V-shaped” recovery that could allow for significantly further upside in the days and weeks ahead Where the entire market trends next will depend largely […]
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Ethereum’s price is currently in a rebound towards the downward trend. How deep will this rebound be? Will the rebound grow into a turn to growth? The short-term upward trend is actually a rebound toward the medium-term downward dynamics. So it’s a bit too early to be talking about a turnaround in the medium-term scale. For the continuation of the downward trend to become likely, Ethereum’s price has to fortify at the level of $8. After forming a turn there, there will be a good chance for the downward trend to continue. That will indicate that the bulls are a minority at that level. But....
Ethereum’s price continues its downward correction. It is smoothly approaching a decisive resistance line. When is the current downward movement most likely to end? Ethereum’s price has rebounded from the key level of $12.8. As we have assumed a day earlier, that mark has become a good point for traders to make their decisions. So the downward correction continues. Ethereum’s price is approaching the level of $11.5, which could become a support line for the upward trend: it’s the minimal target for a rebound toward the upward trend, which has started at $7. That’s why that mark is a likely....
The structure of Ethereum’s upward trend is disrupted. Which direction wil Ethereum choose? Will the downward trend continue? An upward rebound off the long-term resistance line took place. Thus, Ethereum’s price has a chance to continue its downward trend. But for that, it needs to break through the bottom limit of the flat: a rebound off it can very well happen instead. For an upward trend to form, Ethereum’s price will have to fortify at the top limint of the flat, which is at $7.8. The future direction will depend on how will the traders behave at the flat’s limits. A fortification and....
Ethereum’s price continues to go through an upward correction. This movement is now very likely to grow into a medium-term turn. A rebound or an upward trend? The upward movement is natural, because it’s common to have a rebound towards the previous trend before a new one starts. After this, we will either see a continuation of the downward trend or a turnabout. Due to its inability to fortify at the level of $8, Ethereum’s price keeps rebounding upward. In the short-term scope this rebound is equal to an upward trend. Consequently, the conclusion of this trend will coincide with the....
Ethereum, aside from Chainlink, is the best performing cryptocurrency in the top ten by market cap. The top-ranked altcoin has had enjoyed a substantial rebound from bear market lows and surged all throughout 2020 on the heels of the DeFi trend. But despite the greater crypto market recovery, one crypto analyst sees a bearish Elliott […]