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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

It’s “Logical” for Ethereum To Reject At Current Prices: Here’s Why

Nick Chong
Nick Chong
5 years ago
2 mins read
Ethereum DeFi

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Since plunging from the $390 highs to $350 on Sunday morning, Ethereum has undergone a strong bounce that has taken it back above $365.

The cryptocurrency has legacy markets and Bitcoin to thank, as both have pushed higher over the past few hours. Bitcoin now trades at $10,350 after reaching lows of $10,200 while the futures for leading American stock indices like the S&P 500 and Nasdaq are up 0.5% as of the Sunday evening (Monday morning in Asia) open.

Ethereum, though, may soon undergo a correction as the price of the coin approaches a pivotal technical level.

One trader, referencing that level in a recent analysis, suggested that it would be “logical” for the cryptocurrency to undergo a rejection now.

Related Reading: Here’s Why This Crypto CEO Thinks BTC Soon Hits $15,000

Ethereum Could Undergo a Rejection Here: Here’s Why

Ethereum could undergo a rejection in the near future due to the level ETH is running up against being a horizontal pivot point on a short-term time frame.

Referencing the chart below, which shows the importance of $366 to Ethereum, the trader wrote that it’s a “logical place for a rejection.”

As can be seen on the chart, Ethereum printed two pivotal bounces off this level over the past few days, along with a rejection just earlier today.

Ethereum managing to move past and hold above $366 will likely indicate that ETH’s recovery is valid.

Image

Chart of ETH's price action over the past few days with an analysis by crypto trader @Chase_NL.
Related Reading: This European Crypto Exchange Was Just Hacked for $5 Million

Bitcoin Primed to Press Higher

Bitcoin, though, might be primed to rally from here, which will ensure that ETH doesn’t undergo a rejection here.

For one, as reported by NewsBTC previously, the cryptocurrency’s futures markets have printed a series of negative funding rates.

Such rates are often seen before Bitcoin bounces. If BTC undergoes a bounce, altcoins such as Ethereum should follow.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
It's "Logical" for Ethereum To Reject At Current Prices: Here's Why
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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.

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