- Yesterday’s failed bullish attempt will have a significant cost on the price.
- Technical indicators are weakening sharply.
- Only the ETH/BTC continues to defend the bullish trend.
Yesterday we lived a new dull day in the crypto market that only gave signs of life at the beginning of the American session. It was a bullish move along the crypto-board that failed in its attempt to cross the levels where moving averages travel.
ETH/BTC Daily Chart
The ETH/BTC failed to consolidate above the 0.0347 level and returns to the prolongation range of the bullish trend line. The price stop level is at 0.032. A breach of this support level would cause strong Ethereum sales that would benefit Bitcoin at first but would eventually weaken the market as a whole, entering a new downtrend across the board. On the bullish side, a close above the 0.351 level would signal the start of another upbeat stretch in the overall market.
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