• 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
ethereum
Nexo

Ethereum “Builds the Bases” for a Parabolic Move; Here’s What Could Stop It

Cole Petersen by Cole Petersen
2 years ago
in Altcoin Price
0
  • Ethereum has incurred a sharp upswing over the past day, significantly outperforming Bitcoin and most of its peers
  • The token’s ongoing upswing came about after buyers defended against a dip below its crucial support at $220 yesterday
  • This movement has allowed ETH to recapture its position within its multi-month trading range
  • Analysts are noting that the crypto is now shaping up to see further momentum in the days and weeks ahead
  • Bulls may not be in the clear just yet, as there are a couple of factors that may still point to underlying weakness

Ethereum and the aggregated cryptocurrency market faced a heavy influx of selling pressure yesterday.

This caused Bitcoin, Ethereum, and most other major digital assets to reel down to their crucial near-term support levels.

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

Bulls stepped up and posted an ardent defense of these levels, paving the way for the market to climb higher today.

The subsequent rally has allowed ETH to reclaim its position within its trading range between $230 and $250.

Analysts are now growing increasingly bullish on the cryptocurrency, although it has yet to break out of its trading range.

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

It also recently confirmed a dreaded “death cross” that could hamper is growth in the weeks ahead.

Ethereum Reclaims Long-Held Trading Range 

At the time of writing, Ethereum is trading up 4% at its current price of $237. This marks a notable rally from its recent lows of $223 that were set yesterday.

Throughout the course of its subsequent rebound, ETH has been significantly outperforming Bitcoin and many of its other peers.

Some of this strength may stem from its ability to break the resistance it previously faced at $230.

Analysts now believe that it is building strong momentum that may carry it higher in the days and weeks ahead.

One such trader explained that it has now posted a series of support-resistance flips, which suggests it is “building the bases for a parabolic” movement.

“ETH is building its momentum. We can notice a series of S/R flip, imo this is very bullish as we are building the bases for a parabolic scheme,” he explained.

Ethereum

Image Courtesy of Wolf. Chart via TradingView.

Why ETH Still Remains in a Precious Position 

Last week, Bitcoinist reported that Ethereum’s recent price action had caused it to form and confirm a dreaded “death cross” pattern on its 4-hour chart, the likes of which haven’t been seen since March.

Image Courtesy of Teddy. Chart via TradingView.

Although this pattern could be invalidated if ETH continues pushing higher, it still seems to indicate that the crypto is plagued by underlying weakness.

It also remains unclear as to how the ongoing DeFi boom will impact Ethereum.

Some investors speculate that the sector’s growth will draw funds away from ETH, only being cycled back into the crypto one the potential bubble bursts.

Until investors gain more insight into these factors, it may be too early to grow firmly bullish on Ethereum.

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.
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

11 months ago
The Flippening in nature

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

12 months 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.