Ethereum

In recent market developments, Ethereum, the second-largest cryptocurrency by market capitalization, has faced increasing bearish pressure. The inability to sustain above the critical support level of $1,920 on 17 July has prompted a sentiment shift favoring the bears. Sellers have gained the upper hand, as indicated by the bearish short-term order block at $1,920. This development suggests a challenging period for Ethereum bulls.Following a failed breakout attempt last week, Ethereum is expected to face a downward slide, potentially reaching range lows around $1,840. On 14 July, Ethereum briefly touched the $2k mark before succumbing to a rapid decline driven by sellers taking control of the market. Despite boasting the largest base of fee-paying users among cryptocurrency networks, Ethereum has trailed behind other networks regarding daily active users, signaling potential concerns for its market position.Market analysis <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">reveals</a> an interesting aspect: a retest of short-term support at $1,920 for Ethereum. This event could provide valuable insights into the market&#39;s next move. Comparatively, Bitcoin also experienced notable gains on 13 July but struggled to maintain them. However, the price action of Ethereum indicated a higher likelihood of further losses. These observations reinforce the notion of seller dominance in the Ethereum market.Read full article at <a href="https://cryptotale.org/ethereums-bearish-signals-point-to-a-short-position-opportunity/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Ethereum's Bearish Signals Point to a Short Position Opportunity

CryptoTale

Other articles published on Jul 19, 2023

Solana Labs Launches GameShift API for Web3 Games

XRP, Leaving Its Mark on the Market, Continues Its Value Increase: Will the Uptrend Persist?

PEPE Touches Lower Trendline of Bearish Flag, Will It Breakout?

This is Why Chainlink’s CCIP Is a Game Changer for Trillion-Dollar Banks, SWIFT, Stellar (XLM), a...

JNJ Stock Price Prediction: JNJ Stock, Will It Rise Or Fall?

Court Orders Ripple Labs and SEC to Discuss Potential Settlement Dates

Join our free newsletter for daily crypto updates!