NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum Winning Streak Ends with 12% Plunge; Crash Ahead?

Yashu Gola
Yashu Gola
1 year ago
2 mins read
bitcoin btcusd distribution

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Ethereum (Symbol: ETHUSD) snapped its five-day winning streak, falling sharply as on cues from a broader correction sentiment across the cryptocurrency market.

The second-largest crypto by market cap slipped by more than 12 percent from its Wednesday top of $481.20. So it appears, ETH/USD plunged as traders decided to secure their short-term profits from the pair’s 27 percent bull run that started on August 28.

It is because of the cryptocurrencies that too fell in tandem with Ethereum. The benchmark crypto Bitcoin, for instance, slipped by as much as 6.61 percent to an intraday low at $11,160. Other top tokens, including XRP, Chainlink, Bitcoin Cash, and Litecoin, too, plunged similarly.

Ethereum Overbought

Indicators pointed to an overbought sentiment. All these assets, including Ethereum, were trading well above their actual valuations, says the readings of their Relative Strength Indicator(s). ETH/USD’s daily RSI, for instance, was at 71, one point above the standard 70, before its downside correction began.

ethereum, ethusd, ethusdt, cryptocurrency, crypto

ETHUSD defends its bullish bias following a downside rejection at $420. Source: TradingView.com

Bulls, nevertheless, caught the falling price at $420. That is visible in the chart above: The daily candle is forming a long wick to the downside, illustrating that the ETH/USD dump was brief enough to alert buyers. As a result, the pair quickly rebounded back towards $450.

The same analogy led market analyst Cred to state that the ETH/USD’s downside correction on yesterday did not hurt its medium-term bullish bias.

“I’ve got $430s & $390s as HTF support,” he said. “[They are] the weekly consolidation that preceded the final leg up and monthly breakout. Directional bias is bullish as long as the overall structure is intact.”

US Dollar Rebounds

Another market analyst, Cole Garner, pitted the Ethereum price correction against a rebound in the US dollar index on Wednesday. He illustrated an inverse correlation.

$ETH is inversely correlated to the $DXY

Wouldn't be surprised to see this play out pic.twitter.com/AEhWghabj3

— Cole Garner (@ColeGarnersTake) September 2, 2020

The greenback started recovering from its two-year low on Tuesday, creating some headwinds for safe-haven assets, including Bitcoin and gold. While a rising dollar may have reduced the appeal of the benchmark cryptocurrency, it is its [own] positive correlation with Ethereum that may have triggered the latter down this Tuesday.

That is why Ethereum appeared to have been moving in the opposite direction of the US dollar index.

But, at the same time, the medium-term outlook for the US dollar remained bearish. It is because investors anticipated a long period of higher inflation, lower interest rates, and quantitative easing as global central banks attempt to aid economies through the COVID-19 pandemic.

That further pointed at a potential bullish continuation for both Bitcoin and Ethereum.

“Ethereum’s next levels are $550-600,” said one trader.

Tweet123Share196ShareSend
Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Read more

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Close

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

crypto news

‘Real’ Crypto Bull Run Just Beginning, Says Analyst—Here’s Why

In a livestream broadcast on X, independent market technician Kevin, known online as @Kev_Capital_TA, argued that crypto markets are only...

Jake Simmons 2 hours ago

From Inflationary Noise to Deflationary Wave: FUNToken’s Turnaround Story

The crypto landscape is littered with tokens that promised deflation but delivered inflationary dilution. Yet FUNToken has quietly rewritten that...

News BTC 3 hours ago
ada, cardano koers, waarom stijgt cardano

ADA koers pumpt harder dan Bitcoin en Ethereum – waarom stijgt Cardano?

De Cardano koers lijkt recentelijk begonnen te zijn aan een opmars. De nummer 10 van de cryptomarkt was wist over...

Lars Diederiksen 3 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

TOKEN6900 iepriekšpārdošana piedzīvo strauju pieprasījuma pieaugumu, analītiķis to nosauc par labāko mēmu monētu, ko iegādāties

lasma 51 minutes ago
Ethereum Back At Range Highs: Breakout Above $2,800 Could Ignite Altseason

Ethereum Back At Range Highs: Breakout Above $2,800 Could Ignite Altseason

Sebastian Villafuerte 1 hour ago

Bitcoin è Pronto a Esplodere? Un Analista Avverte: Liquidità in Esaurimento Mentre le Whale Prendono il Controllo

clararosati 1 hour ago

Premium Sponsors

Press Releases

  • [Profitable combination] ETHRANSACTION launches...

    47 minutes ago
  • Bitget Annual Trading Competition KCGI Launches With $6...

    4 hours ago
  • Urmăriți în această săptămână memecoin-urile SOLAXY, BONK și POPCAT.

    Meme Của Elon Musk Đẩy $PNUT Tăng Vọt – Tác...

    4 hours ago
  • Shiba Inu & Dogecoin koers onder druk – nemen nieuwe meme coins het stokje over?

    Các Đồng Coin Tiềm Năng Nên Mua Khi Trump Media Ra...

    4 hours ago
  • Dự Đoán Giá Dogecoin, Pepe, SPX6900 Cuối Năm 2025...

    5 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.