RATE Group | Ethereum Correction Before Resuming Bullish Trend, Shows Indicators
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Ethereum Correction Before Resuming Bullish Trend, Shows Indicators

11 Feb Ethereum Correction Before Resuming Bullish Trend, Shows Indicators

Posted at 04:10h in Cryptocurrency News by

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Ethereum faces strong resistance ahead of it, with several indicators suggesting that ETH will correct before continuing its bullish trend.

Ethereum Faces Strong Resistance

Following a six-months-long correction, Ethereum hit a bottom of $117 in mid-December 2019. Since then, the smart contracts leader has seen its price surge by nearly 100%, reaching a yearly high of $230. Now, ETH appears to be testing a significant resistance level that could prevent it from advancing further.

According to IntoTheBlock, a machine learning and statistics modeling firm, the $227 price level represents a major barrier for Ethereum. Based on the firm’s “In-Out of the Money Around Current Price” (IOMAP) model, there are over 506,000 addresses collectively holding 3.67 million Ether between $224 and $231. ETH could fail to break through on its first pass at this price level given the high levels of supply.

In-Out Money Around the Current Price by IntoTheBlock
Source: IntoTheBlock

The IOMAP reveals that a rejection off the $227 resistance level could…

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