• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Price & Market
Cap Data from
Nomics Logo Nomics Logo
Bitcoinist.com
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
Bitcoin
Nexo

These 5 Simple Factors Suggest Ethereum’s Rally is “Running on Fumes”

Cole Petersen by Cole Petersen
7 months ago
in Altcoin Price
0
  • Ethereum has been largely consolidating throughout the past week as Bitcoin continues lacking decisive directionality
  • The crypto has been subjected to some increased selling pressure throughout the past couple of hours, which led its price down to lows of $350 earlier today
  • Analysts do believe that the token could be “running on fumes” at the present moment, suggesting that it may not be able to rally any further
  • Five factors are may be contributing to this weakness, including multiple recent hacks as well massive downside liquidity
  • The confluence of these factors and others may lead it to see further downside in the days, weeks, and even months ahead

Ethereum is currently attempting to rebound after plunging to lows of $350 earlier today. Although the initial reaction to this level was bullish, ETH has been unable to maintain its upwards momentum.

As such, the token may now be positioned to see further downside in the near-term. This may depend somewhat on Bitcoin, as it has been firmly guiding ETH and other major altcoins.

BTC is currently pushing up against its $11,000 resistance, which has proven to be insurmountable.

While speaking about Ethereum’s near-term outlook, one analyst pointed to five simple factors that suggest it may soon see a notable plunge lower.

Ethereum Struggles to Find Stability as Selling Pressure Ramps Up

At the time of writing, Ethereum is trading sideways at its current price of $355. This marks a slight decline from daily highs of $367, but a bounce from lows of $350.

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

The bounce from these lows at first was intense but has since lost its momentum. This could mean that further downside is imminent in the near-term.

This has been a historically important support level, so a break below this could spark an accelerated decline down towards the support between $315 and $325.

Here are Five Factors That Point to Underlying ETH Weakness 

To justify a bearish sentiment, one analyst recently pointed to five factors that he believes could mean downside is imminent for the cryptocurrency.

“I just can’t seem to shake the feeling that ETH has been running on fumes lately. Extremely accelerated DeFi coin market cycles. Kucoin hack. EMN hack. Tons of liquidity below. Stairstepping upwards PA (typically ends in elevator down). Yet, it holds/randomly rallies. Soon I think.”

Ethereum

Image Courtesy of Case_NL. Chart via TradingView.

The confluence of all these factors does indicate that the DeFi hype cycle that helped drive Ethereum to highs of $490 is rapidly coming to an end.

This could indicate that further downside is imminent for the cryptocurrency.

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.
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.