How Bitcoin and most of the other Top crypto-currencies, Ethereum stagnated in the last few weeks. The crypto-currency has consolidated to ~$230, and could break out in any of the two directions.
Analysts now see, however, bearish ETH-Charts. One Analyst goes so far and says that the crypto-currency is due to a strong rejection of a key horizontal level is currently in an “ominous” Position.
Ethereum just before another correction
The senior technical Analyst of the crypto-research company Blockfyre according to Ethereums looks recent price action as a result of the rejection at $250 “ominous”, if one viewer is zoomed out the three-day time-frame “”:
“Maybe it’s a short-term upswing is imminent, but the bottom seems to be so favoured”.
Ethereum-price analysis of Pentoshi (@Pentosh1 on Twitter). Graph of TradingView.com.
As the chart shows, was the $250 course in the past few months, a crucial Region for the crypto-currency, and also played in the previous Bull Run an important role.
The above-mentioned Analyst is far from the only one who indicates that he sees a correction for Ethereum to the bottom.
Ethereum-price analysis of the crypto-Traders ‘Edward Morra’ (@edwardsmorra_BTC on Twitter). Diagram of TradingView.com.
One Analyst suggests that Ethereum has an underlying Seasonality, which in the first half of the year rises and then in the second half of the year will be corrected.
This pattern should exist in the year 2020, is know of the Top Altcoin is a six-month correction, which may be in the range of ~ $ 100.
The Analyst, referring to the diagram above:
“Since 2016, the ETH has pumped in the first half of the year 7/9 times and then in the second half of the year corrected. Only exception is 2 cycles in the bull market 2017-18 are. If ETH follows, this time in the cycle, then the year could be reached as high & we have a 6-month correction“
Investors bet on recovery
Ethereum investors seem to focus on the cops case.
How the Blockchain Analytics company Santiment on 17. June, it was reported that the addresses that are associated with ETH-miners in combination, to accumulate mass-ETH.
“The $ETH-Miner seem to be in the accumulation mode. After a slight bag unloading to the time when ETH started to consolidate, started the Miner for the time being, to accumulate.“
Graphics “, The ETH-miners are perhaps back to the Accumulate” the Blockchain Analytics company Santiment
The accumulation is supposed to have adopted in the last two weeks in the Form of 15,000 ETH. That is, Miner, and have only amassed in the last two weeks, a total of ~ $ 2.5 million of the crypto-currency, suggesting that they expect in the medium term, a revival.
Also, the smaller market participants are optimistic. Glassnode reported on 17. In June, the number of the ETH-addresses with at least 0.1 Coins (~$23) “on 17. June 2020 just a ATH of 3.002.281.000 has been reached. Previously a ATH of 3.002.015.000 was observed“.