The crypto space just witnessed a sigh of relief as Bitcoin attempted to range beyond $39,000, but very quickly, the gains were slashed which dragged the price below again. This impacted the entire market and Ethereum is also facing tough times with the bears. They are trying to restrict the ETH price below $3900 but eventually, the bull may play a safe game ahead.
The bulls who are enjoying the ETH price chopping around below $3000 after it witnessed a steep 6% fall during the previous day’s trade. As Bitcoin ranged above $39K, Ethereum too visited levels above $2900. But both fell back below their respective levels. While many believe, ETH may have entered a significant bearish trend, some see a huge bullish chart by forming higher highs and lows.
Moreover, flowing within the huge ascending triangle formed, ETH prices were expected to hit $8000. But as per a popular analyst, if the asset faces rejection at $4000, then the asset may drag down below $1500, closing thorough crucial support.
Therfore, as per the analyst, $4000 levels are extremely important and hence the asset needs to test and clear these levels to secure a strong upward trajectory.
Retail Traders at a Rise
The ETH whales are pretty active but are constantly accumulating other tokens. But the small retail traders’ count is swelling every new day. The address holding 0 to 0.01ETH, 0.01 to 0.1 ETH and 0.1 to 1 ETH have recorded the highest levels. Whales on the other hand remain passive.
The retail traders who are mainly responsible to keep the asset volatile appear pretty active. And hence one can expect the ETH price to continue forming higher highs and lows and wait for a perfect opportunity to spike. Conversely, the Ethereum(ETH) price is deeply correlated with Bitcoin(BTC) price and hence a spike may result in a jump and vice-versa.