Ethereum Plugs 11-Week Bleed, why $1,500 May Be On The Horizon
Ethereum has been closing red week after red week for the past 11 weeks. It is the longest red streak that has been recorded in the history of the cryptocurrency, hence, it carried significant implications for the digital asset. Through the decline, it has been one of the worst-hit coins, performing poorly compared to the other cryptocurrencies at this time. However, the digital asset has now closed its first weekly green candle in three months and things are looking up.
With this recovery has come a renewed interest in digital assets. Coupled with the fact that the digital asset is now trading above its 50-day moving average, it has now solidified a bull trend for the short term. The activity on the network, though reduced, remains high enough to strike renewed faith in the heart of investors.
However, there are still things that threaten the price of the cryptocurrency going on another bull rally. The Celsius debacle had been one of the major reasons behind the drawdown below $1,000 and remains a very real threat. The lending protocol which has found itself in a tight spot due to some bad trades remains at risk of being liquidated, and rumors continue to circulate that Celsius is planning to file for bankruptcy, which would mean users would not be able to get their tokens back.
With this recovery has come a renewed interest in digital assets. Coupled with the fact that the digital asset is now trading above its 50-day moving average, it has now solidified a bull trend for the short term. The activity on the network, though reduced, remains high enough to strike renewed faith in the heart of investors.
However, there are still things that threaten the price of the cryptocurrency going on another bull rally. The Celsius debacle had been one of the major reasons behind the drawdown below $1,000 and remains a very real threat. The lending protocol which has found itself in a tight spot due to some bad trades remains at risk of being liquidated, and rumors continue to circulate that Celsius is planning to file for bankruptcy, which would mean users would not be able to get their tokens back.