The latest Ethereum news show that the biggest altcoin is closely tracking Bitcoin and its price action over the past several days and weeks. ETH was also able to incur some bullish momentum the past Tuesday which was not the case for Bitcoin. As it stands, ETH is stuck in range but could soon retrace and follow the earlier boost towards new heights in the $200 region.
What is evident is that the movement triggered by Bitcoin last week and followed by other coins was short-lived. The retrace was obvious and put ETH to a new position, which is why analysts are now noting that the cryptocurrency may be positioned for a noteworthy bullish momentum. ETH is stuck around the $183 mark and is trading up marginally, marking a slight climb from its recent lows of $180 established yesterday.
The sharp bounce after visiting the $180 signals that there is notable support in this region, which is further supported by the fact that ETH has been discovering support around this level in the time since it incurred a massive rally which shoot the price of ETH up to the moon and established a peak of nearly $200 last week.
Following this rally, the cryptocurrency has found strong resistance around the lower $190 region which signals that the coin is currently caught within a relatively tight trading range between $180 and $190.
The formation of the tight trading range while ETH is stuck comes in the midst of the declining on-chain volume which managed to drop by 11% over the past 24 hours, according to data from TokenAnalyst.
“4H #ETH Network Stats: Price: $185.19 (-0.9%). $ETH On-Chain Volume: $371M (-11.1%). Active Senders: 228K (-0.9%). Active Recipients: 96K (-4.4%),” they noted in a recent tweet.
📢 24H #ETH Network Stats:
💲 Price: $185.19 (-0.9%)
💵 $ETH On-Chain Volume: $371M (-11.1%)
👈 Active Senders: 228K (-0.9%)
👉 Active Recipients: 96K (-4.4%)Visit https://t.co/u90eafzR5J for more info
— TokenAnalyst (@thetokenanalyst) October 31, 2019
ETH is stuck but may be positioned for further gains in near-term. As for which direction ETH will move in the near term, analysts are currently noting that the strong support region directly below Ethereum’s current price gives bulls an edge over bears.
Mayne, who is a popular cryptocurrency analyst on Twitter, spoke about this in a tweet and explained that he is currently bullish on ETH based on its weekly chart while pointing to the support that lies directly below its current price.
“$BTC probably isn’t going to $16k today. But, looking at the weekly charts for it and $ETH I can’t help but be bullish. Still, a lot of salty bears under my posts. I’m going to redeem ICT’s name by catching the bottoms on both with order blocks,” he said when referencing the charts seen below.
The coming few days will give both traders and analysts alike significant insight in which direction ETH and the aggregated crypto markets will head.
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It is highly probable that this will be based on Bitcoin and its performance in the near term.
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