• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision

Ethereum Will Be “Unstoppable” Once it Breaks Above This Crucial Level

Cole Petersen by Cole Petersen
3 years ago
in Ethereum
Reading Time: 2 mins read
Advertisement

Ethereum has been flashing some signs of tempered weakness throughout the past several days and weeks, hovering just above the lower boundary of its long-held consolidation channel.

The cryptocurrency’s present weakness is primarily rooted in that of Bitcoin, which has seen faltering momentum as it continues struggling to break above the key psychological resistance existing at the five-figure price region.

It does appear that this weakness could cause it to face a harsh rejection that causes it to spiral lower, but until it firmly breaks beneath the lower boundary of its trading range at $9,000, this possibility remains speculative.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

That being said, if buyers are able to give the market a much-needed boost, it is a strong possibility that Ethereum and other altcoins could see some major momentum.

One analyst recently explained that ETH will be “unstoppable” once it is able to firmly surmount one critical resistance region.

He does believe that this level will be broken above at some point this year due to several fundamental factors.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Ethereum Flashes Signs of Near-Term Weakness, But Macro Outlook Remains Strong

At the time of writing, Ethereum is trading down just under 1% at its current price of $231.

The cryptocurrency has been hovering within the $230 region for the past few days, but a slight increase in selling pressure appears to have put it at risk of breaking below this level.

A firm decline beneath this price would be dire, as it happens to mark the lower boundary of its multi-month trading range between $230 and $250.

If its buyers continue guarding this key support, they could provide Ethereum with a boost that sends it back up to the upper boundary of its trading range.

In order for it to enter a firm macro bull market, however, it will need to do more than simply shatter the top of its range at $250.

One analyst recently explained that the critical level to watch for sits between $350 and $400. He believes a break above this will make the crypto “unstoppable.”

“Above Gray box ETH becomes unstoppable… And I believe this year it will be assaulted with great ferocity and overcome as 2.0, DeFi, and staking take this to new heights,” he explained.

Ethereum

Image courtesy of Pentoshi. Chart via TradingView

Fundamental Strength Could Help Propel It Past This Key Level

In order for Ethereum to surmount this crucial price region, it will likely require a combination of technical and fundamental strength.

It does appear to be strong on the fundamental front, as its on-chain demand has skyrocketed in recent times.

Another respected analyst recently spoke about why he believes ETH has yet to see peak on-chain demand, pointing to the rise of DeFi as well as the heightened scalability that ETH 2.0 will offer.

He concludes that the transition to 2.0 coupled with continued growth in the DeFi sector will lead to heightened capital inflows.

“Likely the combination of both ETH 2.0 and Defi’s continued growth will lead to a higher capital flow in a 3 month period over the next 2 years compared to 2017.”

Featured image from Shutterstock.

Charts from TradingView.
Tags: ethbtcethusdETHUSDT
Tweet123Share208ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Ethereum

Ethereum Bullish Signal: $560M In ETH Exits Exchanges

13 hours ago
Bitcoin Market Dominance Hits 9 months High as Altcoins Turn Red

Bitcoin Market Dominance Hits 9-Month High As Altcoins Turn Red

5 days ago
Use Multi-Signature And Social Recovery Wallets To Achieve Self-Custody, Ethereum Creator

Use Multi-Signature And Social Recovery Wallets To Achieve Self-Custody, Ethereum Creator Says

6 days ago
Ethereum

Ethereum Maintains Bullish Form As Developer Confirms Date For Shanghai Upgrade

7 days ago
Ethereum

Ethereum Displays Bullish Pattern, What To Expect Next?

1 week ago
Ethereum whales

Ethereum (ETH) Continues Rally As Whales Goes On Buying Spree, $1,700 Next?

1 week ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Litecoin (LTC) and Dogecoin (DOGE) Drowning in Controversy While TMS Network (TMSN) Steals the Show

March 24, 2023

The Best Altcoins To Get In Early 2023: TMS Network (TMSN), TRON (TRX) and Mask Network (MASK)

March 24, 2023

The Web3.Conference will gather Web3 builders & creators this May in Amsterdam

March 24, 2023

LFi Unveils LFi Smartphone, Providing Unprecedented Access to Decentralized Financial Opportunities

March 24, 2023

Cardano (ADA) and Polkadot (DOT) Prices Reach a Crucial Juncture, While TMS Network (TMSN) Attracts Investors in Stage 2 of Presale

March 24, 2023

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.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 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.