ETH

Ethereum Retraces: Here’s Why ETH Bulls Must Decisively Break Above $3,500

Published

2 months ago

July 22, 2024

Ethereum is firm when writing, rapidly rising after slipping to around $2,800 earlier this month. As of writing, the second most valuable coin is up by over $24% and remains in an uptrend despite the scare of July 4 and 5.

Ethereum Finds Strong Resistance At $3,500

Even as buyers expect ETH bulls to press on and push the coin above $3,700, a key resistance line, on-chain data shows that there is resistance. According to IntoTheBlock data on July 22, ETH has strong resistance at $3,500, which has been the case since July 16.

At this level, 3.13 million unique addresses bought ETH at an average price of $3,547. Therefore, if prices trend below this level, these holders are in red and contemplating exiting at a loss.

Over 3 million ETH addresses bought at $3,547 | Source: @intotheblock via X

The fact that some addresses could be willing to dump and exit the market when prices fall makes the general environment fragile, a considerable hindrance to the upside. This makes the situation even dire, considering that ETH is not all that firm despite the expansion of July 15.

From the daily chart, the uptrend remains, but there are pockets of weaknesses due to the sharpness of the July 4 and 5 dumps. The sell-off forced ETH towards the $2,800 level, reversing gains of May 20.

For buyers to take over, reaffirming the uptrend of July 15, prices must zoom past $3,500 but, most importantly, $3,700. This reaction line is crucial and is the only local resistance buyers must overcome for ETH to float above $3,900 and $4,100.

Millions Of ETH Pulled From Exchanges, Spot ETF Launch Fanning Demand

For now, there is strength in reading from on-chain analysis. Though over three million users are in the red, more ETH continues to be moved from exchanges.

On July 19, IntoTheBlock data revealed that $126 million worth of ETH was moved from leading exchanges. Notably, this development comes amid the expected approval of the first batch of spot Ethereum ETFs in the United States.

ETH outflows from top exchanges | Source: @intotheblock via X

If the United States Securities and Exchange Commission (SEC) greenlights these products this week, it would be a massive win for ETH.

The regulatory clarity that comes with this move will be of importance. United States SEC officials have yet to clarify the status of ETH.

However, once spot Ethereum ETFs are listed in various bourses in the country, it would be assumed that the regulator agrees that the second most valuable coin is a commodity, just like Bitcoin.

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Analyst

Fractal Suggests Major Breakout In Q4

Published

1 day ago

September 19, 2024

admin

Este artículo también está disponible en español.

Recent Ethereum price action saw ETH reaching another low of $2,150 on September 6, raising concerns of a more severe drop towards the $2,000 price level. Although these concerns were eased with a subsequent bounce to $2,460 on September 13, Ethereum remains largely in a downtrend, with a triple-bottom price formation now shaping up.

Interestingly, this triple bottom formation is not new for Ethereum. As technical analysis points out, the current price action seems to repeat a similar playout in mid-2021.

Ethereum Fractal Suggests Rally In Q4

According to a technical analysis by crypto analyst CryptoBullet on social media platform X, Ethereum is shaping up to form a triple bottom price formation on the 1D candlestick time frame. While the third bottom has yet to be fully completed, the analyst draws attention to a similar pattern that unfolded between June and August 2021.

During those three months, Ethereum’s price fluctuated up and down to create three distinct lows just above the $1,675 mark. After the third low was established, Ethereum experienced a significant bullish rally that propelled it to break through and establish its current all-time high. This upward movement became even more pronounced after a fractal pattern emerged in August 2021, signaling a strong momentum shift.

Recent market dynamics have prompted Ethereum to create two bottoms of around $2,150 in August and September. Interestingly, a recent rejection at the $2,450 resistance has seen Ethereum pushing on a decline. This has prompted analyst CryptoBullet to highlight the possibility of a third low in October, thereby completing the triple bottom formation.

Price formations in cryptocurrency markets are known to repeat over time, often following patterns that can help traders anticipate future movements. While no two market conditions are exactly the same, studying past price movements provides valuable insights into what may happen in the future. A similar playout of the 2021 price action puts on a similar surge for Ethereum in Q4 2024. Notably, the analyst envisioned a rally towards the $3,700 price level.

What’s Next For ETH?

At the time of writing, Ethereum is trading at $2,320 and continues to exhibit a weak short-term outlook. If Ethereum fails to clear the $2,340 resistance, it could start another decline towards $2,150.

This weak performance and outlook are even more pronounced compared with Bitcoin. As such, Ethereum/Bitcoin is now at its lowest level since April 2021, a staggering 41-month low. Most of this lackluster action has also been exacerbated by selloffs from a few large holders. For instance, Ethereum co-founder Vitalik Buterin recently came under scrutiny for selling $2.2 million worth of Ethereum.

Ethereum price chart from Tradingview.com — ETH price fails to hold support | Source: ETHUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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Bitcoin

‘It’s Almost Over’ – Analyst Benjamin Cowen Predicts Ethereum Bottoming Out Against Bitcoin

Published

1 day ago

September 18, 2024

admin

Popular crypto analyst Benjamin Cowen thinks Ethereum (ETH) is close to bottoming out against Bitcoin (BTC).

Cowen tells his 856,500 followers on the social media platform X that he thinks the ETH/BTC ratio will bottom out between 0.03-0.04 BTC and then trend up next year.

“It could bottom as early as this week or as late as December. Based on prior capitulations, I think it will happen sooner rather than later…

More people need to understand that ETH/BTC is not equivalent to ETH/USD. Last cycle, ETH/USD kept dropping even after ETH/BTC bottomed. But whenever ETH/BTC does find its cycle low, it should correspond with at least a temporary bounce for ETH/USD.”

Cowen compares the current ETH/BTC chart to the relationship between the top two crypto assets back in 2019.

“While ETH/BTC bottomed shortly after the 1st rate cut in 2019, ETH/USD trended down until [end of year].”

Cowen has been on target with ETH/BTC this year.

ETH is trading at $2,326 at time of writing. The second-ranked crypto asset by market cap is up more than 1.5% in the past 24 hours.

BTC is trading at $60,252 at time of writing. The top-ranked crypto asset by market cap is up more than 3% in the past day.

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Altcoins

‘Run It Back’ – Crypto Analyst Predicts Massive Rallies for Ethereum and Solana, Says October Will Be ‘Lit’

Published

1 week ago

September 12, 2024

admin

A widely followed crypto strategist believes sharp recoveries are in store for Ethereum (ETH) and its competitor Solana (SOL).

Starting with the top smart contract protocol, pseudonymous analyst Kaleo tells his 647,300 followers on the social media platform X that his bearish scenario for Ethereum is no longer valid.

The trader shares a chart suggesting that ETH has already printed a local bottom and is now gearing up for big rallies.

“The yellow line is cursed.

The white line in this thread has been goated and will continue to be goated.

Run it back.”

Looking at the trader’s chart, he seems to predict that Ethereum will rally to $4,400. At time of writing, ETH is trading for $2,383.

As for Solana, Kaleo shares a chart suggesting that SOL is now en route to a new all-time high after holding support at $120.

“The white lines were and always have been the path. Run it back.”

Based on the trader’s chart, he seems to predict that SOL will rally to a new record level at around $400. At time of writing, SOL is worth $135.63.

Kaleo also says that Q4 will be incredibly bullish for crypto after witnessing an extended corrective period over the last six months or so.

“Uptober is gonna be lit. Upvember will be even better.”

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