Ethereum price prediction: double-top pattern presents new risks

Ethereum price prediction: double-top pattern presents new risks
фото показано с : invezz.com

2021-6-4 14:42

Ethereum (ETH/USD) price retreated on Friday as part of the overall cryptocurrency sell-off. The cryptocurrency declined by more than 7.7% to trade at $2,634. This decline brought its total market capitalisation to more than $304 billion.

ETH price chart Ethereum retreats

Ether is the second-biggest cryptocurrency in the world after Bitcoin. Ethereum’s network helps developers build decentralised applications such as those in the DeFi and Non-Fungible Tokens (NFT) industries.

Indeed, Ethereum had been used to build most of the biggest DeFi platforms like Aave, Maker, and Uniswap. In total, according to DeFi Pulse, the biggest DeFi platforms have more than $64 billion of total value locked.

Recently, due to Ethereum’s congestion and high gas fees, many developers have started to switch to other competing platforms like Polkadot, Solana, and Binance Chain.

The ETH price retreated today after Elon Musk sent a tweet suggesting that he had fallen out of love with Bitcoin, a cryptocurrency that Tesla has invested in. Bitcoin fell by more than 5% after the tweet while the total market cap of all cryptocurrencies tracked by CoinMarketCap fell by7.67% to more than $1.64 trillion. This provides further evidence that Bitcoin and other altcoins have a close correlation.

Still, some analysts believe that Ethereum’s utility value and the ongoing upgrades to move it to a proof-of-stake concept will help it. They also cite the ongoing increase in transactions as a catalyst that the price will bounce back.

Ethereum price also declined ahead of the latest US non-farm payroll numbers. Data published on Thursday showed that the number of Americans filing for jobless claims declined to below 400k for the first time since the pandemic started. And analysts believe that the unemployment rate will keep falling, Therefore, there is a possibility that the Fed will start turning hawkish, which is a bad thing for Ether and other cryptocurrencies.

Ethereum price prediction Ethereum price chart

The four-hour chart shows that the Ether price jumped to $2,885 on Thursday and then retreated. This is notable since the price approached the previous high at $2,915. As such, the chart clearly shows that the cryptocurrency has formed a double-top pattern whose neckline is at $2,183. It has also crossed the 25-day and 50-day exponential moving averages (EMA). 

Therefore, by failing to find buyers above $2,915, it means that the token could keep falling as bears target the neckline at $2,183.

The post Ethereum price prediction: double-top pattern presents new risks appeared first on Invezz.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru

$ 467.1 (+0.48%)
Объем 24H $0
Изменеия 24h: 0.85 %, 7d: 17.53 %
Cегодня L: $453.49 - H: $467.1
Капитализация $0 Rank 3676
Доступно / Всего 0 LINKETHPA

ethereum cryptocurrency price 634 trade prediction decline

ethereum cryptocurrency → Результатов: 126


Ethereum Community Debates Monetary Policy Amidst Rising Interest And Price Decline

As cryptocurrency prices continue their downward trend, Ethereum has emerged as a focal point of discussion, experiencing a notable surge in conversation volume.  Despite the overall market decline, the introduction of a new ETF has sparked increased interest in Ethereum, the second-largest cryptocurrency by market capitalization, even as short positions […]

2024-4-17 09:23


Ethereum Prints Modest Losses, Consolidation Before Next Big Breakout?

The future of the second-largest cryptocurrency is hampered by the US dollar index’s recovery. On Thursday, the price of Ethereum (ETH) showed just slight decreases. Ethereum Consolidates On July 21, price movement in the cryptocurrency market as a whole was mostly muted as traders took a day to digest recent gains and book profits after the strongest relief bounce since early June.

2022-7-22 01:59


Фото:

This Key Ethereum Level Needs to Be Flipped to Support Before ETH Can Rally

Ethereum has been facing some intense consolidation throughout the past few days and weeks The cryptocurrency’s price action has done little to offer investors with insights into where it may trend in the near-term It has been closely tracking Bitcoin’s price action, which makes its fate at least somewhat dependent on that of the benchmark cryptocurrency One trader is now noting that a move higher could be imminent, but this possibility is premised upon it […]

2020-12-12 23:00


Фото:

Ethereum is “Fighting for Its Life” as Bulls Struggle to Defend Critical Support Level

Ethereum is currently in the process of rebounding from its daily lows that were set just a handful of hours ago The cryptocurrency has been facing heightened selling pressure as of late, struggling to build momentum as it remains below $370 One analyst is now stating that the cryptocurrency is “fighting for its life” as it trades right around a crucial support level Bulls and bears have largely been at an impasse when it comes […]

2020-9-17 23:00


Фото:

Ethereum’s Rocketing Funding Rates a Grave Sign for Its Ongoing Rally

Ethereum has been severely underperforming Bitcoin in recent times, but this appears to be shifting as the cryptocurrency posts a breakout rally while BTC declines This uptrend has come about as long positions for the cryptocurrency rocket higher, reaching a fresh all-time high this week In tandem with this, ETH’s funding rate has also grown massively – which is typically a grave sign that a torrent of liquidations is imminent Ethereum has been able to […]

2020-5-30 23:00


Фото:

Andreas Antonopoulos’ Christmas Gift: “Mastering Ethereum” Coming this December

While the world of blockchain technology and cryptocurrencies might be in its infancy currently, it has produced some of the most dynamic and influential leaders in recent times. Creating Information of Cryptocurrency Protocols Ethereum co-founder Vitalik Buterin, Binance chief Changpeng Zhao are some of the personalities who are spearheading the community towards a better tomorrow by leveraging the emerging technologies.

2018-11-13 22:00


Vitalik Buterin: Ethereum needs to evolve or ETH will become valueless

The future of Ethereum has come under scrutiny with claims that the collapse of its cryptocurrency is inevitable. And co-founder Vitalik Buterin agrees, for now. In a piece published on TechCrunch, cryptocurrency entrepreneur Jeremy Rubin stipulates the price of ETH – the network’s underlying digital asset – is bound to plummet.

2018-9-4 18:53