Ethereum has been moving in close tandem with Bitcoin throughout the past several days and weeks, struggling to garner any independent momentum as it ranges
This sideways trading has done little to bolster the cryptocurrency’s bull case
That being said, analysts have been pointing to its fundamental strength as a reason why it may soon explode higher
Data seems to suggest that the crypto only has a 7% chance of seeing any type of intense parabolic rally before the end of the year
This chance is degrading by the day too, as ETH may be growing weaker the longer it consolidates
Ethereum and the aggregated cryptocurrency market has been able to post some upwards momentum over the past day, with buyers attempting to catalyze enough buying pressure to invalidate its recent weakness.
This movement has been tempered, however, and heavy resistance just above ETH’s present price level may prove to be insurmountable in the near-term.
New data also shows that the cryptocurrency’s mid-term outlook may not be too bright, as there is only a 7% chance that it climbs by 100% from its current price levels by the end of the year.
This comes despite there being many positive fundamental developments seen over the past few months.
Ethereum’s Technical Outlook Weakens Despite Strong Fundamentals
Ethereum has formed a relatively wide trading range over the past several days and weeks, struggling to garner any decisive momentum as it trades between $230 and $255.
Earlier this week, the crypto’s sellers did attempt to push it down below the lower boundary of this trading range. This movement was short-lived.
It now appears that the cryptocurrency’s technical situation still remains weak.
Bitcoinist reported yesterday that one venture capitalist recently claimed that the chances of Ethereum reeling lower grow the longer it remains in this trading range.
“The longer BTC & ETH fade here the more likely we take another leg down to test key supports, despite the strong fundamentals of both.”
This weakness comes despite it seeing immense strength on its fundamental front. In addition to seeing heightened stablecoin issuance, the DeFi ecosystem has also seem a massive amount of growth in recent times, driving a significant amount of usership and utility to ETH.
ETH’s Chances of Going Parabolic in 2020 are Slim
In spite of this fundamental strength, Ethereum does not appear to have a great chance of seeing any type of parabolic 100%+ movement by the end of the year.
According to recently released data from analytics platform Skew, the probability of ETH climbing to $480 by the end of the year sits at 7%.
“Probability of ether > $480 (+100%) by End of Year = 7%. Stable coins and DeFi seems like a more sustainable product / market fit for Ethereum compared to ICOs in 2017 but the market doesn’t see it (yet?) necessarily as adding as much $ value for ether,” they noted.
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Ethereum has been closely tracking Bitcoin’s price action throughout the past several weeks and even months, struggling to garner any independent momentum This correlation has grown particularly clear over the past few weeks, as ETH is now trading within a firm consolidation channel alongside BTC and other altcoins It is important to note that one fractal pattern has emerged that appears to suggest Ethereum has formed a mid-term top If history repeats itself, the crypto […]
Ethereum has decline today alongside Bitcoin and the aggregated crypto market, breaking below a key support level that was previously being defended by buyers It now appears that ETH could be well positioned to see even further downside in the days and weeks ahead One technical indicator is forecasting that it will plunge to $200 before it is able to garner any notable buying pressure This could lead it to break below a key support […]
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Ethereum 2. 0, a significant upgrade to the Ethereum blockchain, is still on track, according to project developer Danny Ryan. His blog post on the subject does not reveal any new...
The post Ethereum 2.
Ethereum posted an intense breakout rally yesterday that allowed it to set fresh local highs This rally came about rather suddenly, with it coming about prior to any movement seen by Bitcoin or the aggregated crypto market Analysts are now noting that this uptrend may start to falter in the days ahead, as it is currently repeating a pattern that is strikingly similar to that seen in months past This potential weakness comes as Ethereum’s […]
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It has grown increasingly unclear in recent times as to whether or not the aftermath of the recent uptrend seen by Bitcoin and major altcoins like Ethereum (ETH) marks any type of fundamental shift in market structure, or if it is simply another lower-high that will be followed by further losses.
The Ethereum price has slipped deeper into a bearish structure that has intensified over the past week. A combination of weakening momentum, strong ETF outflows, and selling from long-term holders has dragged the price of Ethereum lower at a pace that has led to concerns about whether the cryptocurrency is preparing for a deeper correction.
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