Ethereum handhaaft bullish marktstructuur ondanks uitverkoop; Rebound aanstaande?

  • Ethereum has seen an intense selloff ever since its price reached highs of $1,450 slechts een paar dagen geleden
  • The selling pressure here was rather intense and came about right as BTC started reversing its uptrend
  • This caused the aggregated market to see some intense selling pressure that has yet to alleviate
  • The crypto is now down nearly 20% from these highs, with bears continually placing massive selling pressure on its price
  • Where ETH trends will generally depend on Bitcoin, as the benchmark crypto has been guiding Ethereum’s general trend over the past few weeks
  • Any continued weakness could lead to a further breakdown, as many analysts are looking towards a test of the support at $1,100 en $1,000

Ethereum has erased almost all of the gains that came about due to the recent push higher, with bears taking full control of its price action as BTC also slides lower.

The cryptocurrency’s weakness shows no signs of ending for now, which may be due to Bitcoin’s inability to see any significant strength.

One analyst is noting that ETH is still looking technically poised to see further upside from a macro perspective, as the cryptocurrency’s long-term technical structure actually remains quite bullish.

Ethereum Struggles to Gain Momentum as Bitcoin Plunges

Bitcoin has caused the entire crypto market to nuke lower today. Op het moment van schrijven, Ethereum is trading down over 13% tegen de huidige prijs van $1,190, which marks a notable decline from its recent highs of $1,450 pas een paar dagen geleden ingesteld.

The selling pressure seen at these highs was intense and, coupled with BTC’s bearishness, created an intense stream of selling pressure that has yet to subside.

It is currently trading above a strong support zone, but it remains unclear how long this will hold.

Analist: ETH Shows Some Signs of Strength Despite Capitulatory Selloff

One analyst explained that Ethereum is still flashing some signs of strength today despite the intense selloff seen throughout the past two days.

He notes that ETH’s overall market structure is still looking strong despite the severity of this latest pullback.

“Ethereum: it is still by far the best looking Altcoin

Altcoin wordt gedefinieerd als elke cryptocurrency behalve Bitcoin. "Altcoin" is een combinatie van twee woorden: "Alternatieve Bitcoin" of "alternatieve munt". Er zijn meer dan 1,500 altcoins met nog veel meer gepland voor release.

" Lees verder

‘ href =”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link =”intern”>altcoin in terms of price structure. – Above the cloud – Just tested all time high – Rejection but still above the previous low.”

Ethereum

Image Courtesy of Teddy. Bron: ETHUSD on TradingView.

Unless Bitcoin continues plunging lower, there’s a strong possibility that Ethereum will begin bottoming out and revert its momentum into bulls’ control.

Uitgelichte afbeelding van Unsplash.
Grafieken van TradingView.

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Bron: Newsbtc

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