| Cryptocurrency | Price (USDT) |
|---|---|
| BTC | $107357.2300000000 |
| ETH | $2438.1330000000 |
| BNB | $648.6221200000 |
| XRP | $2.1832900000 |
| ADA | $0.5677381000 |
| SOL | $150.7352000000 |
| DOGE | $N/A |
| DOT | $3.4247200000 |
| LTC | $86.4675000000 |
| LINK | $13.4267100000 |
Category: CRYPTO NEWS
The post Ethereum’s Rally Loses Steam: Analyst Foresee A Possible Brief Correction appeared on BitcoinEthereumNews.com. Negative sentiment is gradually growing in the general crypto market once again, with major digital assets like Ethereum, the second-largest cryptocurrency, witnessing a notable setback that led to a slowdown of its renewed upside price momentum. Due to the sudden drop, several crypto analysts believe that the altcoin could face an extended bearish movement shortly. Ethereum Set To Enter A Correction Phase IC News, an informative platform has delved into Ethereum’s current price action, offering an insightful perspective about its performance in the near term. After a thorough examination, the platform highlighted that ETH might be on the brink of a temporary corrective phase as market momentum cools off following recent gains. The platform’s prediction is due to signs of overbought conditions and profit-taking by retail and institutional investors, which could affect the stability of the crypto asset’s value. According to IC News, Ethereum is currently getting close to a critical resistance area at the $3,600 price level, where there is a lot of supply and room for profit-taking. Given how robust this resistance level is, the platform claims there is a good chance that a brief period of correction could occur soon to limit buying pressure. Furthermore, IC News points out that in order to create a more stable uptrend for Ethereum, the market will have to fall back toward the 200-day Moving Average (MA). Ethereum poised for a brief correction phase | Source: IC News on X While the analysis might spark worries about the altcoin‘s short-term trajectory, the pullback may turn out to be healthy for the asset. This is because the altcoin may create new strong support levels during the correction phase and fortify its base for future price expansion. It could also present several buy signals and opportunities for new and seasoned investors, allowing them to reassess their…
2024-11-14T04:30:08+00:00