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Ethereum Price Faces Possible Correction, Could Drop Below $300
The price rally of Bitcoin is not giving enough volume for altcoins to operate. Ethereum, long considered to be the indicator for the entire altcoin market, is feeling the brunt of Bitcoin’s momentum as analysts say it’s possible for the second-largest cryptocurrency to experience more pullbacks.
Ethereum closed at $383 Monday, reversing the gains from the previous day. The cryptocurrency is struggling to break the $400 level and analysts observe that Bitcoin sucking out all the volume in the market has caused a decrease in the price of altcoins, which is evidenced by increased selling pressure and low demand.
Ethereum has broken the $382 support level and is trading within the $373 level, which is already below the 100-day moving average (MA) in the daily price chart.
The weekly chart shows Ether has failed to break the resistance at $450. However, the long-term chart also has bullish indicators, particularly the clear breakthrough in the 100-week and 200-week moving averages.
Another bullish indicator is the break above $270, long considered a year-long resistance that Ethereum only broke this year.
A key problem is that when Ethereum recently rallied to $450, there was no clear area of resistance and support, Cointelegraph reported. That’s why observers relied on the weekly chart for Ethereum, which suggested a possible retest of the $270 level. Still, should $450 get broken, an upward trend to $800 could happen.
The daily chart also suggests a retest of the $270 level is possible. Analyst Michael Van de Poppe says there is a rising-wedge construction pattern that is not supported by volume on the $368-$378 level. If this area is lost, the next area that will be tested is $315. If this also breaks, $270 and even $250 will be on the table.
According to NewsBTC.com, the main resistance at this point is $388. As long as it remains, there is no need to worry about the $400 level.
Representation of the Ethereum virtual currency standing on the PC motherboard is seen in this illustration picture, Feb. 3, 2018. Photo: REUTERS/Dado Ruvic
Author: News Bureau
LIVE: CoinDesk Covers the 2020 US Election and Crypto Impact
We’ll be tracking the price of Bitcoin through the night to see if traders are also watching this election or if any particular outcomes have an impact on movement.
Bitcoin’s price did not react at all to the 2016 election, rising a scant 1.8 percent in the 24-hour trading period, and given the crypto industry’s overall lack of engagement in this election, there’s no reason to believe this might change in 2020.
Of course, it is worth noting that Bitcoin embarked on the famous 2017 bull run just months after the election, rising to all-time highs close to $20,000 within a year and giving birth to an initial coin offering boom that regulators are still investigating and conducting enforcement actions against nearly three years later. At the moment, Bitcoin is slowly rising, hitting a nearly two-year high of $14,000 just the other day. And since the last election, its price has grown 19-fold.
Still, comparing the crypto industry now to the industry in 2016 would be foolish at best. The market has matured in many ways, with the U.S. space at least seeing the introduction of futures contracts and a greater number of regulated entities. Regulators have likewise gained a better understanding of the space, introducing new regulations or clarifying how cryptocurrencies fit into existing frameworks – to an extent.