The crypto market has been on fire lately with many coins showing huge growth potential.
Two of the largest projects, Binance Coin (BNB) and Ethereum (ETH), struggle to surpass $335 and $2,000 respectively. Why? Do they have a future ahead of them? We’ve answered all your questions. Read more.
Bearish depletion signals for Ethereum
Bluntz, a crypto expert who predicted the 2018 Bitcoin (BTC) bear market bottom, says Ethereum is showing signs of bearish exhaustion. After rising to $2,000 last week, the analyst told his Twitter followers that Ethereum may have printed a bearish lower-high pattern.
His chart suggests that ETH will rise for a few days before dropping to $1,700.
“I don’t know about you guys, but ETH sure doesn’t look too hot to me,” he tweeted. I hear lower high. “I’ll probably reevaluate at $1,700.”
Ethereum price battle
ETH fluttered around USD 1,800 but reached a low of USD 1,812 and now the price is consolidating losses. The 100-hour Simple Moving Average and the $1,860 level remain below it. The ETH/USD hourly chart shows a critical bearish trendline with resistance near USD 1,860.
Ethereum is currently trading at $1,852.
Read more: Ethereum Flashing Extreme Sell Signals! Here’s The Next Level For ETH Price – Coinpedia Fintech News
New Decline for ETH?
The price of Ethereum in USD has dropped back below USD 1,850 and it could soon drop to USD 1,650. The 100-hour Simple Moving Average or $1,888 appears to be the first significant level of resistance. It is around the 61.8% Fib retracement from the drop from $1,936 to $1,812.
Binance Coin (BNB) in a downtrend
Following Bitcoin and Ethereum, Binance Coin (BNB) surpassed USD 325 last week. Bulls pushed the price above $335 and $340, but encountered resistance at $345. BNB is bearish on USD and BTC, according to Bluntz.
“It feels like the market is trying to price in something on this pair, probably an FTX clawback or more regulatory body slams, I’m not sure, but it doesn’t look like too soon.”
Overall, BNB can correct up to $260, according to Bluntz’s chart. Binance Coin (BNB) fell 1.55% in 24 hours to USD 325.97. BNB gained 2.58% last week, with a neutral outlook.
It is intriguing to see how Binance Coin and ETH will fare against the rising meme coins. Time will tell!
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