Ethereum price may be primed to return to the downside at $ 300 as technicals remain shaky
Ethereum price is probably not expected to have a long-term outlook, as technical indicators are still wobbly.
Ethereum price could reach $ 300 soon if the following requirements are fulfilled
Ethereum is expected to decline after Bitcoin experiences a sharp rally from its recent low.
Crypto trader SmartContracter stated:
“Savage sell-off market-wide, I think $ eth is now the clearest on all timeframes. I believe five wave up from the lows is now complete, confirmed with a five-wave decline from the highs on 4h, where any move up from here I will be looking to short and treating as a counter-trend.”
The justification for the expectation of a short-term rally is the constant state of ETH futures. According to cryptocurrency derivative tracker ByBt, the funding rates of the top ETH futures markets are currently slightly negative.
Market analyst Cole Garner suggests that Bitfinex investors have begun building a buying wall around the $ 8,800 area on Bitcoin’s chart. This is relevant as Bitfinex’s order book has managed to predict the price direction of BTC in recent months. First, before the rally from $ 9,000 to $ 12,000 in late July and early August, strong bids were supporting Bitcoin’s price on Bitfinex.
“Nice to see you again, Bitfinex Whale. The smart money has their bids sitting at $ 8800. I expect the bottom will likely be around there.”
Nice to see you again #BitfinexWhale
Smart money has their bids sitting at $8800
I expect the bottom will likely be around there pic.twitter.com/DPBHUKrCFr
— Cole Garner (@ColeGarnerBTC) September 4, 2020
However, Bitcoin and Ethereum may not go that far. Many analysts are eyeing the $ 9,600-9,700 price zone as a place for Bitcoin to rebound, as it will consolidate that this zone is supporting rather than resisting.
- DeFi’s Growth Causes Transaction Fees On Ethereum To Have Hit Fresh All-Time Highs, Far Outpacing Those Seen During The 2017 ICO Mania
- With Sellers Gaining Control Over Ethereum Price Action Which Pushed It Down Over 20% From Its Multi-Day Highs