RATE Group | Ethereum’s Insane Rally Thwarted by Bears; is a Capitulatory Drop Inbound?
78144
wp-singular,post-template-default,single,single-post,postid-78144,single-format-standard,wp-theme-bridge,wp-child-theme-bridge-child,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Ethereum’s Insane Rally Thwarted by Bears; is a Capitulatory Drop Inbound?

04 Feb Ethereum’s Insane Rally Thwarted by Bears; is a Capitulatory Drop Inbound?

Posted at 01:04h in Ethereum News by

[ad_1]

Ethereum’s 2020 uptrend allowed ETH to forge a firmly bullish market structure that many analysts had expected to catalyze a massive parabolic rally. This bullish possibility is now at risk of being invalidated, however, as the crypto was rejected overnight at a key level.

At the moment, ETH is firmly tracking Bitcoin and the aggregated crypto markets, which means that its next big movement will likely depend on where BTC goes next.

In the near-term, it is highly probable that Ethereum will see some significantly further downside, as the cryptocurrency was rejected at a critical resistance level.

Ethereum Fails to Hold Above $190 as Crypto Markets Face Widespread Downturn 

At the time of writing, Ethereum is trading down just under 2% at its current price of $188, which marks a notable decline from its daily highs of roughly $195 that were set overnight.

ETH tapped these levels when it incurred a massive flash rally overnight that nearly instantly led to a firm rejection, which came…

[ad_2]

Source link