Ethereum

Bitcoin

The post <a href="https://coinpedia.org/price-analysis/ethereum-flashes-bearish-signals-heres-where-it-may-reach-if-bulls-fail-to-defend-the-support/" rel="noopener noreferrer nofollow">Ethereum Flashes Bearish Signals: Here’s Where It May Reach If Bulls Fail to Defend the Support</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
The crypto markets are swinging into a strong consolidation phase. While the Bitcoin price is feared to drop below $51,000, &amp; <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/" target="_blank" rel="noopener noreferrer nofollow">Ethereum price</a> sticks above $2950. With this, the market participants could be hopeful of the token surpassing $3000 any time from now on. But, unfortunately, the second largest crypto appears to be preparing to offer another buying opportunity, probably below $2,600 very soon.&nbsp;
The ETH price traded within an ascending pattern, forming consistent higher highs and lows, which indicated a growing strength among the bulls. The latest trade set-up suggests the price is preparing to either be stagnant for a while or initiate a fresh bearish case. However, the latter possibility appears to be more likely, as the formed candlestick pattern suggests a trend reversal may have materialised.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/Luug6e50lmMLXk86vliEsG2ysTe27M7vzS8O76aDQSfQ-mIRM33-chMmioxKLBbKWcJpx3rV6a_qjAcxwSp_N_76mNshQYhy9lCkFR5nxSmvgj-_zHlhG0ADFevZdsNeadPVW9k93VXnQhvliBOBDp0" alt="">
</figure>
After marking the highs above $3000, as a result, it formed a ‘Bearish hammer’, with the close of the candle being higher than the open. Moreover, the previous day’s trade witnessed enough competition between bulls and bears, which formed a ‘Doji Candle’. Doji candles usually occur at the end of uptrends and signal bearish reversals. However, the ETH price has been facing acute bearish pressure since the early trading hours, which has validated the beginning of a fresh descending trend.&nbsp;
Additionally, the RSI formation also substantiates the bearish claims as it is plunging after marking the highs above 82. If the levels drop below the threshold at 70, then the Ethereum bulls could lose their grip on the rally, compelling the price to test the support zone between $2392 and $2446. If the bulls fail to hold the rally at these levels, then the ETH price may slide down towards a lower target. However, this appears to be more unlikely.&nbsp;
Collectively, the Ethereum (ETH) price continues to trade within a decisive phase where a drop below $2900 may trigger a fresh bearish case while a rise above $3000 may trash all these possibilities.&nbsp;

Ethereum Flashes Bearish Signals: Here’s Where It May Reach If Bulls Fail to Defend the Support

CoinPedia News

在 2024年2月23日發表的其他文章

Altcoin FIL Coin Exhibits Promising Growth as Analysts Predict a Bullish Surge

$Meme From Memeland Explained: What’s Hot on Memeland, 9GAG, and Stakeland!

Terra Luna Classic Community Implements Proposal to Curb Spam

StarkWare changes lockup period for early contributors amid community concerns

Frankfurt to Host New EU Anti-Money Laundering Authority

Next-Gen Cryptos Set to Redefine the Digital Economy

訂閱免費電子報，每天收取加密貨幣最新動態！