Bitcoin
BTC$61 250.62

-2.84%

Ethereum
ETH$4 042.30

-2.55%

Binance Coin
BNB$482.49

0.74%

Cardano
ADA$2.16

-0.54%

Tether
USDT$1.000245

0.03%

Solana
SOL$204.24

0.80%

Ethereum (ETH): Another Delay Causes a Pullback


Similarly to its archrival in global rankings, Ethereum has been struggling to go past a certain resistance level, so the bullish momentum has been quietly dying down over the past two weeks. This resulted in a loss of a chunk of ETH’s yearly and monthly gains as the 2nd cryptocurrency devalued by 22.8%, compared to its price last year, and also lost 7% of its USD value in a month.

Please also note that there has been a close correlation between the price action of ETH and BTC, depicted in the gains/losses profile below.

ETH/BTC comparison chart & gains/losses profile

The newly arisen skepticism from traders could have stemmed from an interview by Ethereum’s founder Vitalik Buterin in which he admitted that the team is currently struggling with the implementation of sharding solution and the Proof-of-Stake algorithm, the core elements of Ethereum 2.0, an upgrade that will take the value of ETH to the whole new level, if implemented successfully. Traders and enthusiasts expected the launch to take place a few months ago, but the team has constantly been delaying the final release date. And now, the words coming from Buterin confirmed yet another postponement and understandably led to a loss of bullish sentiment in the market.

The bear show their teeth, but the bulls hold strong


Let’s begin the ETH price analysis by checking out the weekly chart to get a better insight into the situation on the macro level.

1-week ETH/USDT chart

Here you see the three important price interaction levels that are of immense importance for the future price action of ETH:

Judging from the price behavior over the past five weeks, the resistance at $251 has proven impenetrable for Ethereum, all attempts at hitting which resulted in nothing but two spinning top candles. Usually, a spinning top shows indecision in the market that could result in stagnation or even a trend reversal. It is too soon to consider the reversal seriously because the price action takes place far from the key 50 EMA, but the fact that the smooth minor uptrend has been disrupted is evident.

The situation in this trading pair, however, is not as bearish as that of Bitcoin, but it is obvious that after a swift post-crash recovery, ETH started to lose the bullish momentum. We reckon that the announced delay concerning the launch of Ethereum 2.0 forced the buyers to take the foot off the gas pedal, but it looks more like a pit stop before the next burst to the upside rather than a stagnation or trend reversal. The expectations are still running high, providing the fuel for further price growth.

1-day ETH/USDT chart

However, the daily time frame reveals a possible bearish checkmate pattern that could lead to another 5% drop, after which the price would land at $212, or an even deeper trough with the bottom at $200, the level that presently converges with the 200 EMA.

Author: Alex Paulson for Crypto-Rating.com

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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 66% 76 $61 250.62 -2.84% -0.77% $1 154 674 094 562 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 70.8% 57 $4 042.30 -2.55% 5.39% $477 150 448 535 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 69.2% 60 $482.49 0.74% 2.70% $80 480 315 639 BNB 7 days price change
4 Cardano (ADA) ADA Cardano predictions 91.2% 12 $2.16 -0.54% -2.20% $71 185 024 084 ADA 7 days price change
5 Tether (USDT) USDT Tether predictions 92.4% 1 $1.000245 0.03% 0.09% $69 591 162 791 USDT 7 days price change
6 Solana (SOL) SOL Solana predictions 70.8% 55 $204.24 0.80% 29.17% $61 440 079 262 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 72.8% 51 $1.096102 -0.97% -3.88% $51 457 996 304 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 60% 79 $44.55 -0.99% 2.11% $43 999 075 422 DOT 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 69.2% 56 $0.246907 0.64% 4.09% $32 542 542 435 DOGE 7 days price change
10 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $1.000313 0.06% 0.09% $32 442 834 043 USDC 7 days price change
11 Terra (LUNA) LUNA Terra predictions 69.6% 65 $43.44 5.78% 17.86% $17 443 010 900 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 74% 47 $25.79 -2.88% -0.74% $15 775 566 720 UNI 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 67.6% 65 $66.57 4.10% 17.36% $14 663 644 845 AVAX 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 61.6% 75 $61 265.73 -2.87% -0.84% $13 545 425 709 WBTC 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 72.8% 50 $29.07 -0.32% 7.40% $13 401 075 815 LINK 7 days price change

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