• 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 price
Nexo

This Signal Last Seen Before Ethereum’s 60% March Crash Is “Inches Away”

Nick Chong by Nick Chong
2 years ago
in Ethereum
0

After days of consolidation, Bitcoin, Ethereum, and the rest of the crypto market have finally broken down.

The flagship cryptocurrency tanked from the $9,100 base to a low of $8,830 for a loss of 3%. Ethereum registered similar weakness, decisively slipping under $220 for the first time since the end of May.

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

While it is still early days for this leg lower, technical signs show the expectations of a further move lower are gaining credence.

Ethereum Bear Case Gains Strength

One crypto trader shared the chart below in the wake of ETH’s drop under $220.

It shows that the cryptocurrency is about to fall below a technical trend level it has held since April. The chart also accentuates that the indicator the analyst is using is “inches from” crossing bearish.

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

Should the indicator cross bearish, that will be the first time since March 10th. This is pertinent as a bearish cross in the indicator preceded a 60% drop from $200 to a capitulation low of ~$85.

Ethereum
ETH price chart shared by crypto trader “Teddy” (@Teddycleps on Twitter). Chart from TradingView.com

Ethereum may also experience some weakness due to its seasonality.

As reported by this outlet previously, an analyst observed that the cryptocurrency experiences strong correction in the second half of years.

“If ETH follows its cycle this time then high of the year could be in & we’ve 6 month correction,” the analyst who shared the chart below wrote.

Ethereum price analysis
Ethereum price analysis by cryptocurrency trader ‘Edward Morra’ (@edwardsmorra_BTC on Twitter). The chart from TradingView.com

Bitcoin Is Also Bearish, Corroborating Ethereum Downside Expectations

Corroborating the expectations of downside is the fact that according to technical analysts, Bitcoin is also bearish. With ETH trading with a 0.8 180-day correlation with Bitcoin, BTC crashing would almost certainly mean a similar retracement in Ethereum.

Blockroots’ Josh Rager said that he thinks Bitcoin breaking below $8,900 will lead to a move to $8,500.

“BTC: Can we just break down to $8900 already. I still think price makes way to $8500 with some nice bounces in between,” he explained.

Bitcoin
Image Courtesy of Josh Rager. Chart via TradingView.com

Rager has also said that Bitcoin breaking below $8,500 will make this summer “long” for BTC holders. This is in reference to the fact that $8,500 has been the most crucial support level for the crypto market for the past two months.

Despite the bearish pressure in the short run, many remain long-term bullish on the crypto market.

On-chain analyst Willy Woo said that Bitcoin is likely to be thrust into a full-blown bull market in the coming month or two.

“This is a new model I’m working on, it picks the start of exponential bull runs. 1) Bitcoin was setting up for a bullish run until the COVID white swan killed the party. 2) This model suggests we are close to another bullish run. Maybe another month to go,” he wrote.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
This Signal Last Seen Before Ethereum's 60% March Crash Is "Inches Away"
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

USDTea

USDTea: A New Stablecoin Backed By Iced Tea Cans Rises Like The Phoenix

17 hours ago
GameStop Pushes Start On New Ethereum NFT Wallet

GameStop Pushes Start On New Ethereum NFT Wallet

1 day ago
Balenciaga

Balenciaga To Accept Bitcoin And Ethereum Payments In The U.S.

1 day ago
Phishing

Phishing Criminals Steal $70,000 Using Beeple’s Hacked Twitter Account

2 days ago
Crypto

Crypto Disaster: Ethereum Co-Founder Vitalik Buterin Claims He’s Not A Billionaire Anymore

3 days ago
Ethereum

Ethereum Layer-2 Scaling Solution Optimism Now Supported By Binance

4 days 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.