Ethereum Could Soon Hit $300
Ethereum is primed to move lower after the leading cryptocurrency underwent a strong bounce from its recent lows.
Chart of ETH's price action from TradingView.com. Chart by crypto tracker SmartContracter (Twitter handle).
Corroborating the expectations of a short-term bounce is the ongoing state of ETH futures. According to ByBt, a crypto derivatives tracker, the funding rate of leading ETH futures markets are currently slightly negative.
Bitcoin To Dictate The Trend of Altcoins
Bitcoin — and Ethereum — may have room to move to the downside.
Cole Garner, a crypto-asset market analyst, recently shared the chart seen below. It shows that Bitfinex investors have begun to build a buy wall around the $8,800 region on Bitcoin’s chart.
This is relevant as Bitfinex’s order book has managed to predict BTC’s price directionality over recent months. For one, prior to the rally from the $9,000s to $12,000 in late July and early August, there were strong bids supporting the Bitcoin price on Bitfinex.
Image Courtesy of Cole Garner. Chart shows Bitcoin's recent price action with the order book dominance bands from Bitfinex.
Bitcoin and Ethereum may not get that far, though. Many analysts are eyeing the $9,600-9,700 price region as a place for Bitcoin to bounce, as it would cement that the region is support as opposed to resistance.
Featured Image from Shutterstock Price tags: ethusd, ethbtc Charts from TradingView.com This Historically Accurate Trader Thinks Ethereum Could Plunge Towards $300
Originally from Bitcoinist.com https://ift.tt/3br5LRN
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