Today's ETHEREUM Update.
Ethereum Steers Into Support, Time For More Slump Or Return to Previous Highs?
Ethereum follows the general sentiment in the market and trends downwards in the daily and weekly charts. After news about a confirmed FUD on China banning crypto-related operations, a portion of the market reacted negatively and created selling pressure.
This sent Bitcoin and Ethereum back to their critical support zones. At the time of writing, ETH trades at $2,842 with an 8.2% and 20.4% loss in the daily and weekly charts, respectively.
Ethereum technical indicators turned red as the price retraced south of the $3,000 territory with momentum in favor of the bears. However, the Relative Strength Index (RSI) remains neutral at a 39.51 value.
This could suggest a reversal in the current trend if combined with the fact that the FUD coming from China was already price-in by another portion of the market. Trader Rekt Capital commented the following on the price action and those affected by “FUD from China”:
What Could Trigger A Rebound On Ethereum?
Ethereum’s recent low stands at $2,652, the price is reached at the beginning of the weak on the back on the potential default of Chinese real state company Evergrande. Thus, why ETH’s price must hold that level in case of further downside.
For the bulls to have a fresh shot at reclaiming the $3,000 area, Ethereum must close the daily above $2,900. The Exponential Moving Average (EMA – 10) could be the next objective from there standing at $3,136.
In the short term, strength in Bitcoin or Ethereum could push the market back to the green. The first cryptocurrency by market cap has bullish fundamentals that could benefit the entire crypto market.
In addition, as pseudonym trader LilMoonLambo said, banking giant JP Morgan seems more bullish on Ethereum than Bitcoin. The bank has been dabbing into crypto for a while and their estimates for ETH and BTC mini futures are optimistic for the bulls.
Ethereum Steers Into Support, Time For More Slump Or Return to Previous Highs?
Ethereum follows the general sentiment in the market and trends downwards in the daily and weekly charts. After news about a confirmed FUD on China banning crypto-related operations, a portion of the market reacted negatively and created selling pressure.
This sent Bitcoin and Ethereum back to their critical support zones. At the time of writing, ETH trades at $2,842 with an 8.2% and 20.4% loss in the daily and weekly charts, respectively.
Ethereum technical indicators turned red as the price retraced south of the $3,000 territory with momentum in favor of the bears. However, the Relative Strength Index (RSI) remains neutral at a 39.51 value.
This could suggest a reversal in the current trend if combined with the fact that the FUD coming from China was already price-in by another portion of the market. Trader Rekt Capital commented the following on the price action and those affected by “FUD from China”:
What Could Trigger A Rebound On Ethereum?
Ethereum’s recent low stands at $2,652, the price is reached at the beginning of the weak on the back on the potential default of Chinese real state company Evergrande. Thus, why ETH’s price must hold that level in case of further downside.
For the bulls to have a fresh shot at reclaiming the $3,000 area, Ethereum must close the daily above $2,900. The Exponential Moving Average (EMA – 10) could be the next objective from there standing at $3,136.
In the short term, strength in Bitcoin or Ethereum could push the market back to the green. The first cryptocurrency by market cap has bullish fundamentals that could benefit the entire crypto market.
In addition, as pseudonym trader LilMoonLambo said, banking giant JP Morgan seems more bullish on Ethereum than Bitcoin. The bank has been dabbing into crypto for a while and their estimates for ETH and BTC mini futures are optimistic for the bulls.