Ethereum Reaches a “Vital” Point as Bulls Fail to Flip Resistance to Support


  • Ethereum and the entire crypto market has faced some weakness throughout the past couple of days
  • Although both BTC and ETH are trading well above their recent lows, it is important to note that bears are in the process of reversing yesterday evening’s gains
  • This downtrend could prove to be bearish for ETH, as the crypto has been unable to flip a key resistance level into support
  • This comes as it ventures into what one analyst is describing as a “vital” point that could provide some serious insights into where the entire market will trend next
  • Where Ethereum trends in the mid-term will undoubtedly depend on Bitcoin and its reaction to the support in the lower-$30,000 region

Ethereum has been sliding lower all morning in tandem with Bitcoin. The benchmark crypto led the market to see a rebound yesterday evening, but the selling pressure proved to be too much for bulls to handle.

BTC rejected in the mid-$36,000 region, while Ethereum rejected at $1,160. This has caused most altcoins to also plunge lower in tandem.

How To Get Free Crypto  

Where ETH trends in the near-term should depend largely on BTC and the rest of the crypto market, but its inability to flip one key resistance level into support could foretell further downside.

Ethereum Slides Lower Alongside Bitcoin 

At the time of writing, Ethereum is trading down just over 6% at its current price of $1,020. This marks a notable decline from its recent highs of $1,160 that were set overnight.

The cryptocurrency’s inability to gain any momentum comes as Bitcoin faces a similar dilemma.

Until miners slow the selling pressure they are placing on the benchmark crypto, there’s a strong possibility that it will continue facing immense selling pressure that slows its ascent and creates tailwinds for the rest of the market.

Analyst: ETH Fails to Surmount “Vital” Level During Recovery

During Ethereum’s overnight recovery, it reached a “vital” level when it tapped $1,160, which one analyst had hoped would be flipped to support.

Coinbase Banner  

The rejection here was grim and has since led it to see serious downside.

“ETH / USD: Macro structure is looking good and nice recovery so far from this key support region. Now its time to see if this level of previously support will now be flipped into resistance. Pretty vital here that both pairings move higher on LTF.”

Image Courtesy of Cactus. Source: BTCUSD on TradingView.

Where Ethereum trends will undoubtedly depend largely on Bitcoin, any intense BTC selloff could cause ETH to shatter below $1,000 once again and see a deeper drawback.

Featured image from Unsplash.
Charts from TradingView.

Go to Source
Author: Cole Petersen

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.