• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

Analysts are Highlighting a “Concerning” Trend Seen by Ethereum’s Price

Cole Petersen by Cole Petersen
2 years ago
in Altcoin Price
0
Advertisement
  • Ethereum’s price has been lagging far behind Bitcoin’s as of late, which has caused immense concern amongst traders and investors alike
  • This stagnant price action has put an end to any prospects of an imminent “altseason,” and may continue causing altcoins to bleed out
  • One trader believes that its failure to see any immense bullishness despite Bitcoin’s strength and yesterday’s ETH 2.0 rollout is a concerning trend
  • He notes that this trend is putting Ethereum in a precarious position, and it will require some immense buying pressure to shift the tides back into bull’s favor

Bitcoin has been ripping higher throughout the past few days and weeks, with buyers and sellers both being unable to gain any control over its near-term trend. Meanwhile, Ethereum’s upswing has been slow, far underperforming that seen by BTC.

This price action has put any potential “altseason” on hold and has caused the rest of the market to bleed out while Bitcoin continues pushing higher.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

One trader is now noting that there are some reasons to be concerned about ETH’s price action, including its tempered response to massive news regarding an imminent rollout of ETH 2.0.

Ethereum Shows Signs of Life as Bulls Move to Spark an Uptrend

At the time of writing, Ethereum is trading up just under 2% at its current price of $410. Buyers have been trying to spark some momentum today, but it has thus far failed.

Where the crypto trends in the mid-term may depend largely on whether or not it can break above its $420 resistance level that has held strong throughout the past couple of months.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Yesterday, bulls pushed it from $380 to over $400, with this sub-10% surge coming about due to news regarding the Ethereum 2.0 network upgrade’s imminent rollout.

The ETH 2.0 staking contract’s deployment was also a noteworthy development yesterday, although bulls didn’t seem too enthused.

Why One Analyst is Concerned with ETH’s Price Action

While sharing his thoughts on where Ethereum might trend in the near-term, one analyst explained that he is concerned that it has yet to post any notable rally on the back of the ETH 2.0 news.

He said that he is ready to short a breakdown if it cannot hold above $390.

“ETH’s inability to even run into a proper liquidity zone off the back of 2.0 news is concerning. Nothing more than a 1 day pump so far & even had a panic sell-off. My plan (unless obvious strength appears) is to short blue box or short a breakdown to $360 if $390 fails.”

Ethereum

Image Courtesy of Chase_NL. Source: ETHUSD on TradingView.

Unless ETH can shift its current trend, break above $420 and begin rallying higher, there is a possibility that further downside is imminent.

Featured image from Unsplash.
Charts from TradingView.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Dogecoin and Elon, SpaceX launch

Dogecoin Crashes Back To Earth While Elon Musk Plays With Rockets

1 year ago
The Flippening in nature

Could Dreams Of Ethereum Flippening Bitcoin Be “Officially Cancelled”?

1 year ago
Ethereum, undraw

Sentiment Flippening: Why This Bitcoin Expert Doesn’t Own Ethereum

1 year ago
Dogecoin Plummets 30% From Highs Following Elon Musk’s SNL Appearance 

Dogecoin Plummets 30% From Highs Following Elon Musk’s SNL Appearance 

1 year ago
Ethereum bull run

Ethereum And The Undeniable Signs Of A Bull Market

1 year ago
DeFi Total Value Locked. A safe.

Ethereum DeFi plus Binance Smart Chain Surpass $100 Billion In Total Value Locked

1 year ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.