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ethereum crypto

Ethereum Rally Stopped at $145 Resistance; Another Bearish Retest?

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news, Ethereum
Reading Time: 2 mins read
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Crypto markets lit up yesterday, with Ripple’s XRP leading the charge with an over 12% gain on the day. The buzz around the crypto industry caused other assets to take off, including the first-ever cryptocurrency Bitcoin, and the number two cryptocurrency by market cap, Ethereum.

Ethereum’s rally, however, was stopped abruptly at overhead resistance at $145 – a critical resistance level that must be breached for price action to become bullish. Was the rejection at this level just another bearish retest, or will Ethereum finally break out and surge?

Ethereum Rallies, But Pauses at Bearish Breaker at $145

Ethereum price has been suffering for the last two years straight. Nearly two years ago on this exact day, Ethereum reached an all-time high price of $1,400. Now, the cryptocurrency is trading at prices 90% lower than that.

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Related Reading | Crypto Comeback: After Two Years of Bear Market, Bitcoin Crypto May Be Ready To Rebound

Right now, the number two crypto asset is trading at $141, $4 less than the $145 resistance level it reached last night and was rejected from.

$145 is a bearish breaker from a low set in early December 2019. After the cryptocurrency fell below that zone, Ethereum hasn’t been able to hold a daily close above it since.

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When Will Suffering End for Ether Holders?

Ethereum is among the few cryptocurrencies that ended 2019 lower than it started the year, as a result of an ongoing downtrend across the crypto market. Few have suffered as bad as Ethereum, however, it isn’t the worst performer of the top ten cryptocurrencies by market cap.

Ethereum and other altcoins have not only fallen significantly in their USD values but have also bled out in their ratios against Bitcoin. Bitcoin dominance rose steadily throughout 2019, wiping any remaining capital left from altcoins and causing mass capitulation.

While Ethereum does continue to suffer, its woes against Bitcoin are bound to reverse, and the altcoin could go on to eventually outperform Bitcoin on its ETH/BTC trading pair.

Related Reading | Bitcoin Price RSI Breakout Could Target $9K Short-Term 

Such a move could kick off an alt season, however, this won’t happen until Ethereum can breach above $145 and move higher. It also depends on what Bitcoin does, as the biggest player in the market often dictates overall market sentiment.

Bitcoin will need to remain relatively stable over the next days in order for Ethereum to have a chance to breach such a key level.

Tags: bitcoincryptoethereum
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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