ICOCalendar.Today

  • ICO Directory 📖
  • ICT Token 🔥
  • Blockchain News 🗞
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project 💣
  • Submit Press Release 👍
  • ICO Directory 📖
  • ICT Token 🔥
  • Blockchain News 🗞
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project 💣
  • Submit Press Release 👍

Heres How Low Ethereum May Need to Plunge Before it Can Rally Higher

8/14/2020

Comments

 
  • Ethereum saw a massive price spike yesterday that allowed it to shatter its previous resistance at $400
  • From here, the cryptocurrency rallied nearly 10% higher until it hit the $430 region, which is where it found some short-term resistance
  • Although being incredibly strong at the present moment, analysts are noting that it may first need to see a deep pullback before its price can push any higher
  • This may lead it as low as $360 in the near-term, but analysts are also noting that a bounce here could confirm a highly bullish accumulation pattern

Ethereum has been one of the best performing major cryptocurrencies over the past 24-hours.

Yesterday, after consolidating around $390 for an extended period of time, the cryptocurrency’s price saw a massive spike that led it up to highs of over $430.

This rally came about suddenly and unexpectedly, with it catching many investors off-guard due to it being somewhat random.

Concurrent with this movement, most other digital assets remained stagnant, although it did help create a slight tailwind that pushed BTC up towards the upper-$11,000 region.

Analysts are now noting that it may be poised to see a sharp retrace before it is able to post any further gains.

This retrace could also confirm an extremely bullish accumulation pattern – so long as bulls defend its key support.

Ethereum Rallies Past High Time Frame Resistance in Sudden Movement 

At the time of writing, Ethereum’s price is finding stability around $425, which is just below the peaks it posted during yesterday’s sharp movement.

The momentum it incurred yesterday allowed it to test highs of $435 on multiple occasions, but it has yet to stabilize above $430.

While speaking about this, one analyst explained that he believes it may need to see a slight decline towards $400 before it can push higher.

“ETH / USD: Weekly close looking completely nuts right now, I guess $475 would be the next major level of resistance. Probably expect a pullback to around $400 level before the end of the month to confirm this level as support but overall this is looking more bullish than ever.”

Ethereum

Image Courtesy of Cactus. Chart via TradingView.

ETH Declining Towards $360 Could Confirm Ultra-Bullish Pattern 

Another analyst also forecasted near-term downside, but he believes the next plunge is part of a bullish accumulation pattern that Ethereum has been forming as of late.

As seen on the below chart he offers, this next decline could lead the crypto into the $360 region – which has been established as bedrock support on multiple occasions.

Image Courtesy of il Capo of Crypto. Chart via TradingView.

Even if Ethereum does face a short-term pullback, it does appear that the crypto is well-positioned to see further upside over a macro time frame.

Featured image from Unsplash.
Charts from TradingView.


Originally from Bitcoinist.com https://ift.tt/2PVhCgN
Comments

    Blockchain News

    Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.
    BLOCKCHAIN NEWS

    Archives

    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    November 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017

    RSS Feed

​About

  • About us​
  • ICT Token
  • News​​
  • Testimonies
  • Terms of Service​​
  • ​​We on Google News​ 🤑
  • ​We in the media
  • ​Partners

Let's connect!

News Feeds

  • Blockchain News
  • Jobs Board 👨‍🎓
  • Bitcoin News
  • Ethereum News
  • Binance News
  • ​Tron News
  • Cardano News
  • EOS News
  • Tezos News
  • Stock Markets
  • COVID-19 News
  • Crypto News
  • Chainlink News
  • Litecoin News
  • Dash News
  • Monero News
  • ETC News
  • NEO News
  • Maker News
  • DeFi News
  • ZCash News
  • Algorand News
© 2017-2020 ICOCalendar.Today. All Rights Reserved.