In recent weeks, the price of Bitcoin has exceeded the key resistance level of $30000, driving a significant bullish rebound in several counterfeit currencies. However, ETH prices did not receive a significant boost from the increase in BTC and continued to consolidate near the $1900 area
In recent weeks, the price of Bitcoin has exceeded the key resistance level of $30000, driving a significant bullish rebound in several counterfeit currencies. However, ETH prices did not receive a significant boost from the increase in BTC and continued to consolidate near the $1900 area. In addition, the increase in ETH handling fees and expansion issues have been obstacles to its price increase, leading investors to turn their attention to other potential counterfeit currencies.
ETH holders are joining the rise of Bitcoin
The transaction prices of Bitcoin and Ethereum are higher than their respective biggest pain points. This usually indicates a bullish market sentiment, as the prices of these assets exceed the level at which option holders (call and put options) will suffer the maximum financial loss. However, despite such favorable conditions on the surface, Ethereum failed to trigger any promising surge compared with Bitcoin.
The weak price of Ethereum has prompted a large number of Market maker to continue to sell Ethereum call options, which shows that people lack confidence in the recent price potential of Ethereum. The selling of ETH call options has intensified the overall selling pressure Ethereum is currently facing.
In addition, Ethereum/Bitcoin (ETHBTC), a widely monitored transaction pair in the Cryptocurrency market, has just ended trading at a low point not seen in the past 300 days.
Although Bitcoin and Ethereum have both risen sharply in recent trading days, the dominant position of Bitcoin has suddenly soared, and its strength has strengthened compared with Ethercoin, leading to ETHBTC falling to a low point in several months. This led to a bearish environment for Ethereum prices.
What are your expectations for ETH prices next?
Ethereum has been in a narrow trading pattern, which fluctuates between US $1930 and US $1840 in recent days. This indicates a certain degree of uncertainty between the bullish and bearish forces in the market. As of the time of writing this article, ETH prices were trading at $1894, up nearly 1% from yesterday.
The 20 day moving average rose to $1878 and the RSI is still in a positive range, indicating that bulls have a slight advantage. If the buyer can push the price above $1940, the ETH price may reach an important psychological threshold of $2000. This milestone may bring challenges, but it is likely to be surpassed, potentially causing prices to soar to $2148.
On the contrary, if bears aim to suppress this potential rebound, they need to drag prices below the support level of $1846. If this situation occurs, the ETH price may fall below the EMA200 trend line on the 4-hour price K-line trend chart, which is a key point that needs close attention. If we break through this support level, we may see prices further drop to the $1700 mark.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
