Bitcoin
BTC$63 365.57

-1.97%

Ethereum
ETH$4 124.43

-1.79%

Binance Coin
BNB$491.77

1.14%

Cardano
ADA$2.19

-1.25%

Tether
USDT$1.000207

0.03%

Solana
SOL$204.52

9.96%

Ethereum (ETH) Clings to Resistance Amid Bearish Pressure


While being the major driving force behind the rise of the industry of decentralized finance, and also being fueled by the expectations around the constantly postponing release of Ethereum 2.0, the second-largest cryptocurrency seems to be having trouble with conquering the macro resistance level at $440 that has been holding for months.

Ethereum's performance remains positive on the yearly scale, as the dominant altcoin has gained 117% in USD over the past twelve months, while also outpacing Bitcoin (BTC) by 114%. However, its recent showings are far from impressive. In a month, ETH went -1.85% against USD, and still hangs by the 6.51% thread against BTC, although the latest flash dump, when its price dropped by 20% in just two days, is to blame for such an underwhelming display.

A drop below $370 could sparkle a correction


In fact, Ethreum got sandwiched between the resistance at $440 and the support at $370, which were established in our previous ETH price prediction articles, for four weeks that might be the first signs that the buyers are exhausted, and traders should brace themselves for a stronger pullback during which the price will seek a new lower high on the weekly time frame.

1-week ETHU/SDT chart

The candlestick analysis reveals the possibility of the emergence of a bearish checkmate pattern that tends to result in a significant price drop. Besides, it's evident that the sellers are forcing each next candle to open slightly below the previous one, thus gradually stealing the sellers' wind and pushing ETH to the downside and below $370. This week, the bulls made a last-ditch attempt to break past $440 but were immediately repelled, as a tall upper wick suggests.

We reckon that despite the bearish upset of the last couple of days, Ethereum remains bullish on large time frames, especially if it wouldn't descend too low beneath $370. 

The situation on the daily time frame shows that the sellers have already penetrated the support but were stopped at $355. Right now, the price is stuck at $380 and formed a long-legged doji, which is a signal of indecision in the market and possibly the start of the consolidation period.

1-day ETH/USDT chart

However, the indications of further price decline are prevalent as MACD has made a fake bullish crossover and now has its MA's reflecting the intensification of bearish momentum. The Ichimoku Cloud hints at the strength of support and the relevance of the bullish agenda, but if the sellers manage to hustle the price inside the Kumo cloud, Ethereum will undergo either a consolidation or a more substantial pullback, possibly to $290.

Author: Alex Paulson for Crypto-Rating.com

Related

The Best Altcoins to Have in Your Cryptocurrency Portfolio in 2021
The Best Altcoins to Have in Your Cryptocurrency Portfolio in 2021
Non-Fungible Tokens: What Stands Behind the Recent Crypto Mania?
Non-Fungible Tokens: What Stands Behind the Recent Crypto Mania?
Ethereum Price Prediction for 2025 and 2030: Could Ethereum 2.0 Become a Game-Changer?
Ethereum Price Prediction for 2025 and 2030: Could Ethereum 2.0 Become a Game-Changer?
Ethereum (ETH): Bullish Despite a Short Pullback
Ethereum (ETH): Bullish Despite a Short Pullback
Ethereum (ETH) Is Back to Bullish Way After Resistance Breakout
Ethereum (ETH) Is Back to Bullish Way After Resistance Breakout
Ethereum (ETH): The Outlook is Changing to Bearish
Ethereum (ETH): The Outlook is Changing to Bearish
Ethereum (ETH): Hardly Anything Can Extinguish Its Bullishness
Ethereum (ETH): Hardly Anything Can Extinguish Its Bullishness
Ethereum (ETH) Goes For a Big Upside Push
Ethereum (ETH) Goes For a Big Upside Push
Ethereum (ETH): Another Delay Causes a Pullback
Ethereum (ETH): Another Delay Causes a Pullback

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 62.4% 82 $63 365.57 -1.97% 6.45% $1 194 493 310 958 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 71.6% 59 $4 124.43 -1.79% 9.07% $486 803 148 738 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 69.2% 64 $491.77 1.14% 6.53% $82 027 720 087 BNB 7 days price change
4 Cardano (ADA) ADA Cardano predictions 88.4% 12 $2.19 -1.25% 1.22% $72 004 147 290 ADA 7 days price change
5 Tether (USDT) USDT Tether predictions 94.8% 1 $1.000207 0.03% -0.02% $69 627 517 914 USDT 7 days price change
6 Solana (SOL) SOL Solana predictions 71.2% 54 $204.52 9.96% 29.69% $61 524 252 950 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 71.2% 50 $1.10 -2.42% -1.36% $51 788 239 987 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 65.6% 76 $46.10 6.03% 15.62% $45 528 763 922 DOT 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 74% 57 $0.247098 -1.08% 8.28% $32 567 634 508 DOGE 7 days price change
10 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $1.000150 0.04% -0.03% $32 399 349 700 USDC 7 days price change
11 Terra (LUNA) LUNA Terra predictions 69.6% 63 $44.59 9.19% 20.56% $17 908 201 379 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 72% 56 $26.72 -0.17% 3.61% $16 344 258 475 UNI 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 67.6% 64 $64.96 5.89% 17.34% $14 309 797 078 AVAX 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 63.2% 82 $63 395.16 -2.01% 6.49% $14 016 228 919 WBTC 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 68.8% 56 $198.79 -2.79% 10.12% $13 677 185 173 LTC 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.