Trust is a good thing
A strict editorial policy that emphasizes accuracy, relevancy, and impartiality
Expertly crafted by experts in the industry and thoroughly reviewed
Reporting and Publishing at the highest level
A strict editorial policy that emphasizes accuracy, relevancy, and impartiality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
The market is cooling off, and Ethereum has now retraced more than 10%. It’s testing support levels. After days of intense buying and expectations for a larger altseason, the correction has come after a period of strong selling pressure. The recent pullback has caused a debate between analysts and traders. They are now divided on whether they expect another leg up or if there will be a further correction.
Related Reading
Others believe that this is a healthy and needed pause before Ethereum’s uptrend resumes. Some believe that ETH may retest the lower levels, particularly if Bitcoin stays range bound. Daan, a top analyst, highlighted the ETH/BTC pairing, stating that Ethereum is facing resistance at the 0.026 BTC levels after its recent big upswing.
Ethereum’s price is currently trading below its previous high and in a large macro-range. This could make the next few days crucial. Ethereum is experiencing a temporary cooling off or a more significant correction. current levels The next stage of the market will determine the direction the market takes.
Ethereum’s critical support is crucial as the ETH/BTC pairs faces major resistance
Ethereum is showing resilience, despite the recent volatility. It has maintained its position at $2,400. The bulls will need to hold this area in order for the momentum of bulls to continue. ETH has remained one of market’s strongest performers, despite a slight cooling in price after the sharp rise to $2.730.
The current optimism is heavily dependent on Ethereum’s relative performance to Bitcoin. If ETH continues to outperform BTC, analysts believe it could trigger the long-awaited altseason — a market phase where altcoins significantly outperform Bitcoin. Daan shared insights On this dynamic, focus on the ETH/BTC rate, which has seen a notable increase in recent sessions.
Daan says that ETH is now facing resistance at the 0.026 mark after a strong rally. ETH’s bullish momentum must continue if it is to remain above 0.0224. Breaking below the key support level could lead to a slow bleeding and possibly unwinding of recent moves. A clear break above 0.026% would lead to an upward move towards 0.03 or even beyond.
Shortly, Ethereum’s direction in the short term will be determined by its ability hold at $2,400, and to maintain its strength versus Bitcoin. Both conditions must be met for an altcoin to continue its rally.
Related Reading
ETH Pulls Back Into Support After Failing To Break $2,700
Ethereum currently trades at $2.485, following an abrupt retracement away from its most recent high of $2.730. Chart shows that ETH was unable to stay above the 200 day simple moving average at $2,701, a zone of strong resistance. After days of sustained upward momentum, this rejection has pushed the price back toward the 200-day exponential moving average (EMA) around $2,438 — a key level that now serves as immediate support.
The volume has been elevated throughout this movement, indicating active participation by both bulls and a bears. Ethereum still holds well above its early-May breakout zone, when it surged to under $2,000, despite being rejected by the 200 SMA. If bulls can defend the EMA and keep price above $2,400, this could form a higher low and set the stage for another attempt at reclaiming the $2,700–$2,800 area.
Related Reading
If ETH falls below the $2400 mark, the momentum may shift to the bears and a bigger correction could be triggered. Ethereum is currently in a phase of consolidation within a bullish framework. Next few daily closings are crucial to determine if this is an healthy pullback or a sign of greater weakness.
Chart from TradingView, Featured Image from Dall E
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
