Ethereum Expected to Bounce as Price Cleanly Bounces Off $385
- Ethereum has undergone a 6% drop over the past 24 hours in the face of the stock drop.
- The Dow Jones is down 3% during Monday’s trading session.
- Analysts think ETH could bounce, though, as the coin has recovered to $390.
- One analyst noted that the coin is now trading above the pivotal swing level at $390.
- Ethereum holding above that level is expected to trigger a recovery towards the $422 weekly highs as aforementioned.
Ethereum Expected to Pop Towards Local Highs at $420
Chart of Bitcoin’s dominance over the past few years with analysis by crypto trader and head of technical analysis at Blockfyre Pentoshi (@pentosh1 on Twitter).
One analyst shared the chart below, which indicates that the coin could move towards 2 in the coming days. The chat indicates that the bounce has taken the cryptocurrency above the pivotal swing level at 0. Ethereum holding above that level should trigger a recovery towards the 2 weekly highs as aforementioned.
The cryptocurrency has bounced strongly since the daily lows. ETH now trades for 2, up over 2% from the daily lows just under 4.
Chart of ETH’s price action over the past week with anaylsis by crypto trader Tradingpup (@tradingpuppy on Twitter).
Source: ETHUSD from TradingView.com
Bitcoin Dominance Strong
“Bagsybot is depressing right now. So many coins making new all time lows $BTC is king 90% of the time. Alts have their days and alt season is a clear cut and dry thing. I like a good alt but experience has saved me $ There is a time and place for alts. It’s why their “seasonal”.”
One crypto-asset analyst shared the chart below just recently. It shows that Bitcoin’s dominance, the percentage of the cryptocurrency market made up by BTC, is printing a notable rounded bottom reversal to the upside. This may suggest that altcoins may underperform BTC moving forward:
Ethereum has undergone a strong 6% drop over the past 24 hours in the face of a retracement in the stock market. The Dow Jones index has shed 3% during Monday’s trading session as there is some uncertainty around the pandemic and around the next fiscal stimulus package.
Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
Photo by Ali Karimi on Unsplash
Ethereum Expected to Bounce as Price Cleanly Bounces Off 5
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