Ethereum price gained 8% as the wider crypto market entered a relief rally, but traders caution that $2,850 needs to flip to support in the short-term.
) also responded positively to the rise in bullish sentiment as its price climbed 8.11% on the 24-hour chart to hit a daily high at $2,723.Here’s a look at what several analysts in the market are saying about the price action for Ethereum and where the top altcoin could be headed in the short term.Short-term analysis of Ether's price action was provided by crypto trader and pseudonymous Twitter user ‘CryptoAmsterdam’, whoETH/USDT 1-hour chart.
After noting the “nice 12% bounce” in the price of Ether “since the flip,” CryptoAmsterdam gave the warning that they “wouldn’t chase the green here.”“Will look for a potential short-term flip of bias if we get back under the lower time frame range high and break that little trendline.”Further insight into the state of Ether was offered by options trader and pseudonymous Twitter user ‘John Wick’, whoETH/USD 4-hour chart.
A final bit of analysis on key levels to keep an eye on moving forward was shared by crypto trader and pseudonymous Twitter user ‘TheCryptoCactus’, who posted the following chart outlining a key support and resistance zone, as well as an area of heavy accumulation.According to TheCryptoCactus, those that “longed the bottom” are in a good position for an “easy hedge” at these levels, but the trader cautioned that what is needed next is “to get a valid support/resistance flip of $2,850.
The overall cryptocurrency market cap now stands at $1.734 trillion and Bitcoin’s dominance rate is 41.5%. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Renowned Computer Engineer Cracks Trezor Wallet Containing $2 Million Worth of CryptoFriends invested $50k in Theta in 2018 but lost access to the Trezor One. However, they are now $2 million richer after one hacker helped cracked the wallet.
Read more »
Cracking a $2 million crypto walletBreaking through crypto security
Read more »
Biden to use $2 billion from Provider Relief Fund as besieged hospitals push for aidThe Biden administration will distribute $2 billion from the Provider Relief Fund on Tuesday to aid hospital and other medical providers overwhelmed by Covid patients.
Read more »
Why Ethereum Will Continue To Be A Market Leader, Coinbase AnalystsEthereum has been the leading blockchain in the smart contracts space since it first became prominent. It has maintained this title through the decentralized finance (DeFi) and non-fungible tokens (NFTs) boom. However, there have been fast competitors that have popped up with the advent of both...
Read more »
BTC price hits $38K as Bitcoin analysts focus on weekly close40k Bitcoin soon? Optimism is rising as BTC hit $38,000 twice. According to experts, if those levels hit again, we could potentially have a price breakout.
Read more »
DOT/USD: Bearish Trend Remains Dominant Feature for PolkadotThe DOTUSD has been able to create a slight reversal higher the last day of trading, but it remains within sight of important support levels which may fuel nervous sentiment.
Read more »