- Ethereum price could be rejected by an important resistance barrier lying ahead
- The top three cryptos by market cap are taking a breather
- Low capped tokens have ranked higher than ETH and other top three tokens
Ethereum News Today – the price of Ethereum, Bitcoin, and XRP are currently falling behind as the small-cap digital assets see high growth levels that were last seen three years ago in 2017. Indicators show that there is impending volatility. The impact of this action on crypto prices will be explosive.
Ether price appears to have created a double bottom pattern on its daily chart. This charting pattern shows that from a macro perspective, Ether’s price trend changed from bearish to bullish. The above optimistic view was finally confirmed when prices reached the $340 resistance. Now, the W pattern predicts that ETH price will continue rising towards the $800 mark or higher. Nevertheless, IntoTheBlock’s IOMAP shows that the smart contract giant will face a significant resistance ahead.
Ethereum Presents an Ambiguous Outlook Overall
According to the fundamental indicator mentioned above, more than 540,000 addresses acquired 7.9 million ETH (between the rate of $406 and $418). Hence, the chances of further price appreciation happening may become a challenge. Ethereum’s formidable supply wall could trigger a correction if its price rebound sharply. It is safe to say that Ethereum needs time to reach this outcome (achieving its upside potential), both on-chain and during ETH 2.0. Bad news on each or one front could erase the hard-earned gains the token posted this year.
Ethereum’s on-chain volume, social volume, and daily active addresses have been steadily declined since the early days of August. According to data given by analytics firm Santiment, the fundamental metrics of a network help to determine whether the coin is set for a rise. Santiment posits that when the above-mentioned indexes drop in at the same time, they may form a reliable signal for a future downside.
The Crypto Market Moves Forward
The lackluster price performance of the top three digital assets Bitcoin, Ethereum, and XRP shows that there must be a steep correction before any solid uptrend resumes. When you combine this with solid fundamentals, the above-mentioned correction could ensure a consistent bullish long-term price trend.
Having indicated this, the impressive price movements of different altcoins, including the OMG Network and Aave, call this prediction into question. There is extreme greed in the market right now. This isn’t a positive sign for digital asset prices. Considering the state of the global economy, it is crucial to closely pay attention to the bearish signals developing around the crypto market. With no sound risk management strategy, some trader’s hard-fought gains may probably evaporate over a short period.
