2020-3-26 22:23 |
The crypto market rally ignited last week has failed to convince this week. Though there have been numerous triggers, including today’s FED announcement for a $2 trillion bailout, the market is still stalled. One of the top coins that set market trends is Ethereum. Today, its failure to react has seen it and the rest of the market slip in the red zone. At the time of press, Ethereum is down by nearly 2%.
While this might look temporary, one analyst has warned that Ethereum could be setting a long term bearish pattern. Analyst CryptoDonAlt has argued that it has continued to set more depressing lows and lower highs for the last couple of days. This means that the largest altcoin could be on a long term bearish trend that could see prices plummet further down.
$ETH
As long as ETH is trading below this red line I'm assuming new lows & capitulation are coming.
This is a cursed chart, even more so considering this was the reason half of CT shouted alt season just weeks ago. pic.twitter.com/rsdNh4ekKx
Ethereum bulls have their eyes set on the $150 resistance in the midterm. Since dropping below it mid-March, the altcoin only successfully retested it last week, unsuccessfully breaking above it. Other attempts have only seen Ethereum climb to the $140 and $145 range.
On the downside, the coin has set its range on $120 and $135 with the worst drop seeing it test the $110 longterm support.
Currently, Ethereum has set short term support above and at the time of press is sitting above $136 and looking ready to bounce and climb above $140.
Key Resistance At $150Another prominent analyst thinks that Ethereum is set to break above its current range and climb higher. Rekt Capital has explained that Ethereum is on track to break its macro Ascending Triangle.
$ETH $ETHUSD #Ethereum 1W
This week Ethereum has been focusing on breaking back into its macro Ascending Triangle
Unless something extreme happens in the next few days, ETH should be able to reclaim its structure with a Weekly close above the black uptrend-line#Crypto pic.twitter.com/XwP8BZxAda
The analyst believes that this is promising and unless there is a sudden change, Ethereum is set for a huge boost going up.
The two analysts make it clear that the $150 resistance position is key and will dictate Ethereum’s movement for the coming weeks. If broken in the coming days, the bullish momentum should persist and a retest of the $170 highs can be expected. But if it fails, we will see Ethereum retrace and continue trading in the $120-$130 price range.
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