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Ethereum has experienced a pullback in recent days, currently priced at $2,010 and down 2% this week. Is this a good opportunity to buy, or will other projects outpace ETH?

ETH Rejects Local Resistance With a Support Retest Potentially Ahead

Amidst its two-month-long uptrend, Ethereum has recently established a new range on the 4-hour chart, with support at $1,910 and resistance at $2,136.

However, it has begun to create lower highs within that range, forming a bearish resistance trendline.

Over the past day, ETH has rejected this resistance, followed by multiple bearish candles. Meanwhile, its trading volume has also slumped, indicating that a move to the downside will follow.

Given its range resistance is at $1,910, this is likely the next stop for ETH, considering the two above-mentioned factors. However, once it reaches this zone, will it bounce and head towards $2,200, or will it break below?

Moving to the weekly chart, it is evident that ETHs 4-hour range resistance is a much more pivotal level than its range support. As such, it is more likely that ETH respects the resistance than the support, meaning it may break below $1,910.

This is also evident with the candles near the $2,136 resistance displaying long upper shadows, indicating strong seller momentum.

Based on the current market structure, the most likely move for Ethereum is a retracement to its weekly trend line support, which will form a bull flag pattern. Following this, we could see a move to the upside, with Ethereum breaking above $2,136 and heading toward $2,200 and beyond.

This aligns with trader RektCaptials market outlook, with the analyst recently proposing that there is a 150-day window for prices to retrace ahead of the Bitcoin halving.

That said, other analysts believe that ETH will respect its local range support. According to Satoshi Flipper, ETH will bounce at $1,910 and then break the range to the upside.

Meanwhile, analyst Pheonix ICF speculates that if ETH switches bullish this week and manages to close above $2,200, then it could push ahead to $3,500 on the weekly time frame.

Ultimately, market sentiment on Ethereum is overarchingly bullish, but as RektCapital notes, there remains a window where prices could retrace ahead of the Bitcoin halving in April 2024.

Nevertheless, analysts are backing a new presale project to explode due to its cutting-edge use case and current early stage, enabling buyers to get in from the ground up.

Stake-to-Earn Bitcoin ETF Token Garners 10X Price Prediction Ahead of Bitcoin Halving

Bitcoin ETF Token is a revolutionary new cryptocurrency harnessing the hype of the upcoming Bitcoin ETF approvals.

It is undergoing a presale and has attracted massive interest, raising $1.3 million in two weeks. The project has also garnered backing from prominent analysts. Jacob Bury forecasts that it could 10x after its IEO. Meanwhile, Austin Hilton also backs $BTCETF, dubbing it Like nothing you have ever seen.

The project boasts three cornerstone features, each attributing to its hype, utility, and long-term potential. The first is a deflationary mechanism that will burn 25% of tokens in line with five key Bitcoin ETF milestones.

Meanwhile, it also features a 5% burn tax on transactions, reducing the circulating supply over time and incentivizing long-term holding.

Bitcoin ETF Token also has a staking mechanism that offers an 186% APY. This allows investors to generate passive rewards while reducing the tokens available supply.

Lastly, it features a news feed that provides the latest updates on Bitcoin events, helping foster an active and engaged community.

The Bitcoin ETF Token presale is currently in its fourth round, priced at $0.0056. However, the stage closes in two days, so investors must be quick to secure the best price.

Visit Bitcoin ETF Token

Contact Details

Alex Brown

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View source version on newsdirect.com: https://newsdirect.com/news/ethereum-price-prediction-could-eth-rally-to-2-200-as-this-bitcoin-alternative-receives-bullish-forecast-529374011

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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Watch Mirror journalist was involved in the writing and production of this article.

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