HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Analyst: Ethereum Forming Extremely Bullish Pattern as Bulls Target New Highs

Altcoins 2021/01/08 23:38 by Cole Petersen
  • Ethereum and the entire crypto market is consolidating today following some recent turbulence
  • Bulls stepped up after the entire market saw a massive selloff yesterday and absorbed the influx of selling pressure, allowing BTC to rocket past $40,000 and ETH to move higher
  • Today, the market has consolidated and drifted slightly lower, although bulls still seem to be poised to catalyze further upside
  • One trader is now noting that Ethereum could be well-positioned to see upside in the near-term, adding that its outlook is growing strong by the day
  • He is specifically noting that a move up to the $2,000 region could be imminent in the days and weeks ahead

Ethereum has been struggling to gain any immense momentum as it navigated towards the mid-$1,200 region, with the selling pressure here proving to be significant.

Each move towards $1,300 has sparked rejections, and its price has been moving in close tandem with Bitcoin’s.

One analyst believes that the crypto is on the cusp of making a serious push higher. He notes that ETH’s macro-outlook is incredibly bullish, with his first price targets resting within the lower-$2,000 region.

Ethereum Faces Heightened Selling Pressure Due to $1,300 Resistance

At the time of writing, Ethereum is trading down just under 4% at its current price of $1,185. This marks a notable decline from its recent highs of $1,300 set earlier this morning when bulls stepped up and sent its price rocketing higher.

Where the market trends in the mid-term should depend largely on Bitcoin and whether the benchmark crypto can gain a strong foothold above $40,000.

Bulls are struggling to reclaim this level at the present moment, hampering Ethereum’s price action.

Trader: ETH Likely to Surge Past $2,000

One trader explained in a recent tweet that Ethereum’s macro-outlook is growing strong by the day.

He specifically notes that a move past $2,000 is likely to occur in the mid-term and that he wouldn’t be surprised if it went much higher.

“ETH on a macro timeframe is mega bull bull bull imo. Monster extended w3 probably underway, with each leg up extending again. There’s no doubt in my mind that it trades at all time high this year probably much sooner than i have it showing.”

Ethereum

Image Courtesy of @SmartContracter. Source: ETHUSD on TradingView.

The coming few days should offer insight into Ethereum’s mid-term outlook. For the time being, it is showing some subtle signs of weakness as the entire market inches lower.

Featured image from Unsplash.
Charts from TradingView.

0 Like(s)



You should also read...

Bitcoin 07/06/20 20:00 by Nick Chong
“Scary” Fractal: It’s Only a Matter of Time Before Bitcoin Trades at $14,000 Again
Bitcoin’s recent price action has seen it fail time and time again to break into the $10,000s. Just recently, the cryptocurrency dove 4% yet again, falling from the high-$9,000s to $9,400. It...
Read More
Altcoins 17/09/20 12:00 by Nick Chong
This Pivotal Level Could Trigger an Ethereum Correction Under $300
Analysts are fearful that Ethereum could drop under $300 despite strength in Bitcoin and legacy markets. Related Reading: This European Crypto Exchange Was Just Hacked for $5 Million Ethereum Could M...
Read More
Other 08/12/20 22:00 by Cole Petersen
Here’s the Key Level Yearn.finance (YFI) Needs to Break to See Price Discovery
It has been a rocky past few days for Yearn.finance’s YFI governance token The cryptocurrency has been closely tracking Bitcoin and the rest of the crypto market, which has exposed it to some d...
Read More
Altcoins 10/12/20 01:00 by Nick Chong
Ethereum Defends Pivotal Technical Level Despite Yesterday’s Drop
Ethereum and Bitcoin underwent a strong drop the other day after days of consolidation. Ethereum slipped from the $590 region to lows around $550, marking a strong decline for the cryptocurrency that ...
Read More
Altcoins 19/12/20 23:07 by Cole Petersen
Things are “Getting Serious” for Ethereum as Analysts Eye Continuation
Ethereum is currently in a precarious position due to it flashing some immense weakness against its Bitcoin trading pair in recent weeks This has created some headwinds for its USD pair as well, lead...
Read More