Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Ethereum News & Updates => Topic started by: RSRS on July 27, 2021, 07:09:39 AM
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Ethereum price is back to hunting for higher support, preferably above $2,000 following a recent rejection.
A rising wedge pattern shows that Ether has started an 11% percent retreat to $2,000.
Ethereum is back in the red barely a day after rising to around $2,400. The pioneer smart contract token had led other altcoins into a considerable recovery, gaining ground from $1,730 to nearly $2,400.
Perhaps the failure to close the previous day above $2,400 triggered another bearish dominance move as sellers rushed to take profits. At the time of writing, Ethereum teeters at $2,176 in the wake of a 7% loss over the last 24 hours.
Ethereum Price Poised For Retreat To $2,000
The massive upswing toward the end of last week and on Monday was remarkable but unsustainable. It seems that fundamentals failed to catch up with the colossal price action, or investors were quick enough to sell the news. Either way, the correction is not unique to Ethereum. Especially with Bitcoin balancing around $36,000 after rising to $40,000 at the beginning of the week.
Meanwhile, short-term technical indicators suggest that the correction will continue in the near term. Realize that the Moving Average Convergence Divergence (MACD) has a sell signal on the four-hour chart. The call to sell recently came into the picture as the 12-day exponential moving average (EMA) crossed below the 26-day EMA. The odds for an extended correction could sparkle as the MACD closed the gap to the mean line.
More Information (https://cryptonews.net/en/news/ethereum/1191571/)
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Bitcoin and ethereum prices continue to fluctuate as news continues to come in both positive (most) and negative. The prices on the market are now influenced by the season of the second half of summer, that is, the period of mass summer holidays and vacations. There is usually no activity in the markets during these months. In the past few days, bitcoin has risen quite well in price, all the way up to $ 40,000. Against the background of this success, ethereum's price positions looked much more modest. Probably because of Buterin's interview about the difficulties of updating the ethereum network and conflicts within the team. I hope that by autumn all these problems will disappear and we will see further good price growth of our cryptocurrency.