• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Price & Market
Cap Data from
Nomics Logo Nomics Logo
Bitcoinist.com
Join Student Coin ICO
No Result
View All Result
  • Home
  • 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
  • Trade
  • Play Games
  • Mining
  • Home
  • 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
  • Trade
  • Play Games
  • Mining
Bitcoinist.com
No Result
View All Result
Nexo

Analysts Eye Downside as Ethereum Fails to Surmount a Critical Trendline

Cole Petersen by Cole Petersen
9 months ago
in Altcoin Price
0
  • Ethereum, like Bitcoin, was subjected to some intense volatility this morning
  • The cryptocurrency’s price rallied as high as $244 before posting a swift rejection that sent it reeling down to $236
  • Bulls are now trying to stabilize it around $238, although this move does appear to have struck a blow to ETH’s technical strength
  • How it trends in the days and weeks ahead could be influenced by today’s movements if buyers are unable to continue supporting its price above $238
  • One trader is now pointing to a critical trendline that ETH has been failing to surmount, noting that its inability to break this level could prove to be dire

Ethereum has seen relatively lackluster price action in recent times, as it has continued hovering between its wide trading range between $230 and $250.

Although earlier in the week ETH did attempt to break above this range’s upper boundary, its buyers lacked the strength required to do so. This movement was followed by a slight selloff.

Today, bulls once again attempted to catalyze some upwards momentum, but they were met with a sharp influx of selling pressure that caused ETH’s price to hit a critical support level.

This support – which sits at $238 – could be highly influential for the crypto’s mid-term price action.

A decline beneath this level could lead to notable losses.

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

Ethereum Hits Key Support Following Failed Rally Attempt 

At the time of writing, Ethereum is trading down roughly 1% at its current price of $237.

Earlier this morning, the cryptocurrency rallied all the way up to highs of $244, although it almost instantly faced a brutal selloff after tapping these highs.

From here, sellers forced it below $237, although it has since found some support.

As Bitcoinist reported yesterday, $238 is a crucial level that Ethereum’s buyers must defend, as one analyst cited within the report noted that a decline beneath this level could cause ETH to set lower lows.

The analyst explained:

“Currently PA is testing $238 which previously was a strong level of resistance… this is super critical for bulls to hold. If we break down from here likely we see a lower low.”

ETH Struggles to Surmount Massive Descending Trendline

Throughout the past year, Ethereum has been struck below a descending trendline.

One analyst pointed to this formation, explaining in his chart that if it breaks this level, it would be the “most significant ETH breakout since the bubble ended in 2018.”

That being said, each attempt to move over this level has resulted in selloffs, as seen below.

Ethereum

Image Courtesy of Lucid. Chart via TradingView.

The analyst also notes that a break below the red line – as seen on the above chart – could cause a prolonged bout of bearishness.

Featured image from Shutterstock.
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.
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
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.

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
© 2021 Bitcoinist.com. All Rights Reserved.
  • Home
  • 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
  • Trade
  • Play Games
  • Mining

© 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.