Sunday, June 16, 2024

Descending Channel Puts Pressure on ETH Price.

Ethereum price is approaching a critical hurdle as a descending channel has been putting pressure on the price. There is little hope for bulls in Ether in terms of the cryptocurrency’s longer-term or weekly time frame.

There has been a noted drop in Ether’s momentum. This is attributed to Bitcoin’s slump in buying pressure. Ethereum enthusiasts hope a decisive flip of the immediate barrier could trigger a minor run-up. At the time of writing this article, Ether was down by 2.12% and trading at $1,175. It lost 3.54% of its value in the last seven days. The price decline of the second most popular cryptocurrency is because of the holidays in the U.S. As such, there will not be many gains over the weekend either.

The $1,187 hurdle is expected to flip into support for an upward move. Ether can see the low highs of $1,290 and $1,350 if there is a successful uptrend. Analysts expect a sweep of the buy-stop liquidity to trap short sellers and induce a spike in buying pressure that could potentially propel Ethereum price to aim for the $1,400 psychological level. Experts say if Ether price remains below $1,250 on November 25, only $40 million worth of the call buy options will be available. This happens because there is no use in the right to buy Ether at $1,250 or $1,500 if it trades below that level on expiry.

Traders hope bulls push Ether’s price over the $1,300 level to balance the scales and avoid a $215 million loss. But this is not likely to happen anytime soon as a Bitcoin wallet related to the 2014 Mt. Gox hack moved 10,000 BTC on November 23.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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