Ethereum
Ethereum (ETH) Price Closes Weekly Trading Below Bull Market Support Band: What’s Next?
Crypto markets are stuck in a range, while Bitcoin price struggles to beat the bearish heat and hold above crucial support. Additionally, BTC dominance is also skyrocketing, indicating that the crypto star is enjoying maximum attention from traders. As a result, other altcoins, mainly Ethereum, were feared to trade in a descending trend, forming lows below $2,500 in the coming days.
One of the main reasons for these bearish forecasts could be the ETH Price trend in recent weeks. The price started the monthly trade bearish and closed the next weekly trade the same way. Additionally, the previous week was bearish, with the opening price lower than the previous week’s closing price. The trend continued, with the opening price of the weekly session lower than last week’s closing price. These ranges are also considered a “bull market support band” that has supported bearish claims.
This could be a bearish indicator not only for the price of ETH but also for other altcoins as technical data suggests that the token could be negatively affected. A popular analyst, Benjamin Cowenwho has closely followed the price rise of ETH against USD and BTC, claims that Ethereum could call on the low again.
The analyst has been bearish on Ethereum for some time, and the main reason was the fall of ETH against BTC. Maintaining a strong downtrend, ETH/BTC is expected to form new lows as it closed the weekly trade lower than all previous weekly closes. Therefore, the analyst believes that levels could return to April 2021 levels, while the trajectory could shift from an uptrend then to a downtrend now.
On the other hand, BTC dominance continues to soar and is confidently trading above the bull market support band. This could signal a very large move in BTC that could happen at any time in the coming days. Therefore, with this, altcoins, especially Ethereum, may maintain slow behavior and downward consolidation until massive buying pressure mounts on the token.