• About Us
  • Privacy Policy
  • Contact Us
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptounfold
No Result
View All Result
Home Ethereum

It’s “Hard to be Bearish” on Ethereum as Key Supports Hold: Analyst

by admin
October 14, 2020
in Ethereum
0
0
SHARES
6
VIEWS
Share on FacebookShare on Twitter


Related Posts

Terra Flaw: Ethereum Creator And Binance CEO Slam Terra Via Twitter

Stablecoins Receive Queen’s Blessings As UK Braces For Landmark Crypto Legislation

Terra TVL Crumbles More Than $14 Billion

Data Shows Top Coins Among Most Hated Crypto, But Not Dogecoin


  • Ethereum has dropped lower over the past 24 hours after peaking just shy of $400.
  • The cryptocurrency currently trades at $382 and is down a mere 0.5% in the past 24 hours.
  • Despite the drop from the local highs, analysts remain bullish on the asset.
  • One analyst says that he finds it hard “not to be bullish” as $360-370 holds.
  • $360-370 has acted as an important horizontal level for the coin over recent weeks.
  • Namely, it marked the highs of two key rallies in late September, which resulted in reversals towards $330.

Ethereum Set to Continue Higher, Analysts Say

Ethereum has slipped lower over the past few hours from its local highs around $395. The coin currently trades for $382, not too far from those highs but still down by a few percent.

Despite this rejection just shy of the pivotal $400 resistance, analysts remain optimistic. One crypto-asset trader recently noted that with the cryptocurrency holding above critical supports, price action is healthy

“Think the market is looking to make a full recovery if price get flip $380 into support but that said current price action is looking very bullish and its great to have flipped $360. The chance of retesting $280 gets less and less each day we hold above these levels… $ETH / USD Still finding it hard not to be bullish… Price would have to break below $360 for any real shift in momentum to the downside, healthy looking PA.”

Chart of ETH's price action over the past few weeks (since end of July) with analysis by crypto trader Cactus (@TheCryptoCactus on Twitter)
Source: ETHUSD from TradingView.com

Others are also optimistic about Ethereum on a macro basis.

One trader noted that as long as Ethereum holds the prices in the vicinity of $350, it is set to double towards $720 in the coming months. $350 has long been an important level for ETH, having acted as a launchpad for the coin in 2017 and in the middle of 2018 during a dead cat bounce.

Image

Chart of ETH's price action over the past few years with a Renko candle analysis by crypto trader Cold Blooded Shiller (ColdBloodShill on Twitter).
Source: ETHUSD from TradingView.com

All Eyes on Bitcoin

Supporting upside in the price of Ethereum is an optimistic outlook for Bitcoin.

Tyler Winklevoss, a co-founder of Gemini, recently said that with the U.S. government pursuing another stimulus package, Bitcoin is making increasing sense: 

“Stonks love nothing more than wen the money printer goes brrrr like an A-10 warthog. It’s full-fledged addiction that’s not going to end until it has to. When that will happen is hard to predict, but what’s certain is that #Bitcoin will b your only refuge.”

Analysts expect further stimulus to suppress the U.S. dollar, which should boost alternative assets like gold and Bitcoin.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
It's "Hard to be Bearish" on Ethereum as Key Supports Hold: Analyst





Source link

Tags: AnalystbearishEthereumHardholdkeySupports

Popular

Press Release

Knox Wire Uses Distributed Ledger Technology to Improve Real-Time Gross Settlement Service

by admin
March 26, 2022
0

Blockchain technology has infiltrated every industry in recent years, making them safer and more effective. Now, it has reached the...

Read more

Elimobile Launches the First Tokenized Telco, Partners with Elite Token to Create a Celebrity Powered Ecosystem

May 16, 2022

Lazy 8ight Yacht Club Announces Plans To Expand Its Digital Marine Exploration

May 12, 2022

The original DogekingDAO Foundation has reached a cooperation with the project DAO autonomous organization

May 11, 2022

Users of "Fitcoin", A Mobile Fitness App, Are Rewarded for Staying Fit

May 16, 2022

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • El Salvador’s Nayib Bukele Promotes Bitcoin Adoption by Emerging Countries
  • Cash Management Firm Coinshift Closes $15M Series A Led by Tiger Global
  • Cardano Metaverse IDO Platform GOmetalaunch Launches It’s ISPO Ahead Of It’s $URGO wallet Testnet Release
  • Voyager Digital Downgraded by Compass Point on Concerns Over Crypto Markets, Retail Investing
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptounfold.org

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptounfold.org

  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$49,095.002.28%
  • ethereumEthereum(ETH)$3,384.05-0.62%
  • HEXHEX(HEX)$0.1290085.45%
  • cardanoCardano(ADA)$2.18-2.77%
  • tetherTether(USDT)$1.00-0.27%
  • binancecoinBinance Coin(BNB)$425.46-0.83%
  • SolanaSolana(SOL)$166.52-1.81%
  • rippleXRP(XRP)$1.04-1.73%
  • usd-coinUSD Coin(USDC)$1.000.74%