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Breaking News: BREAKING: Historic $109,500 Bitcoin High: Here’s What Analysts Predict Next
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Breaking News: BREAKING: Historic $109,500 Bitcoin High: Here’s What Analysts Predict Next

Bad for Ethereum: 3 Bearish Factors Could Catalyze a Strong ETH Correction

Nick Chong
by Nick Chong
5 years ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Despite Ethereum’s rejection at $200 and Bitcoin’s similar rejection at $7,800, the cryptocurrency market has held strong over the past 24 hours. Case in point, Ether continues to trade for $194, just shy of the weekly highs and above the $180-190 region, which analysts have identified as a zone of support.

Unfortunately, analysts are starting to come to the conclusion that it is only a matter of time before Ethereum corrects lower, citing a confluence of bearish technical factors that could be supplemented by a fundamental sell-off.

There’s An Ethereum Sell-Off Brewing

Josh Olszewicz — an analyst at crypto data and news site Brave New Coin — recently warned of an impending correction in the Ethereum price, drawing attention to a confluence of factors in the chart he shared (seen below). They are as follows:

  • ETH is currently trading in a rising wedge. Rising wedges are textbook patterns that more often than not (60%) resolve to the downside
  • A bearish divergence has formed between Ethereum’s market volume and its relative strength index (RSI) and the price, with the former metrics falling while the latter rises
  • Ethereum is currently approaching two key levels: a pivot point and the 100% Fibonacci Retracement of the “Black Thursday” crash
Bearish ethereum chart
Chart from Josh Olszewicz (Twitter)

This would suggest that a correction in the price of the cryptocurrency is right on the horizon.

It’s a bearish outlook that has been reflected by other traders.

For one, Cold Blooded Shiller, a pseudonymous trader, explained that the chart that “caught each major top and bottom” since 2020 began — marking the $290 yearly highs and the $90 lows that were experienced on “Black Thursday” — suggests a top is now forming:

“This ETH chart has caught each major top and bottom. It’s calling for the same in this region. When the time comes I won’t ignore the confirmation.”

Ethereum price top cold blooded shiller

Whales Are Seemingly Preparing for Upside, Not Downside

Despite these bearish technical factors, whales seem to be preparing for upside in the Ethereum market, with data from blockchain analysis upstart Santiment suggesting that the amount of ETH in “Top Holder” wallets has been on the rise over the past few months, even continuing to rise after March’s crash.

This may tie in with the growing theory that “all ships will rise” in the wake of the Bitcoin block reward reduction, which analysts believe could act as a large catalyst for a rally in BTC’s price.

Not to mention, there are positive fundamental trends in the Ethereum space, like how data shows that the daily value of coins transferred on Ethereum recently matched that of Bitcoin, despite the former blockchain having less than 20% of the market capitalization of the latter.

Photo by ian dooley on Unsplash
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Nick Chong

Nick Chong

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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.

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