Ethereum (ETH) is not moving in tandem with the king of cryptocurrencies, Bitcoin, which is bullish. Ethereum having a high correlation with BTC coin often completely mirrors Bitcoin but the current scenario indicates towards the dominance of bears for ETH crypto. ETH coin has been consolidating ever since the price hit a low of around $2,000 amidst market corrections. At the time of writing, ETH stands at a price level of $2,496. The price has moved up by 4% in the daily timeframe while the weekly metrics suggests a fall of 10% in the cryptocurrency.
Ethereum (ETH) Technical Analysis
The market sentiment for ETH continues to be bearish as the cryptocurrency tries to tackle the bears. Out of the total twenty-six technical indicators, ten stand at a sell position and ten are giving out a neutral signal while the buy signals are only six. The oscillators are neutral while the moving averaged are strongly bearish.
The $2,500 price level is acting as a strong psychological resistance for Ethereum. The cryptocurrency has failed various times to break the resistance. A trader has identified ETH crypto to be operating on an impulse wave. The cryptocurrency has completed the first wave and is underway completing the second. Per the analysis, Ethereum is going to break the major resistance level at $2,500 if the impulse wave is validated. The trader suggests the price level of $2,551 to be the potential price target for ETH.
High dollar inflow into ETH
While ETH frequently finds itself in the ETH vs. BTC debate, the crypto is definitely ruling over other cryptocurrencies. CoinShares’ weekly report reveals a high inflow of investment into ETH and other cryptocurrencies. Ethereum proves to be the favorite altcoin of investors with the high inflow of $33 million while XRP attracted inflow of $7 million and followed by $4.5 million of Cardano.