The global cryptocurrency market has sailed through stormy weather over the past two days. Which has thwarted the price action of digital assets to multi-month lows. The market capitalization of the industry at the time of publication is constructing momentum at $1.46T.
The market leaders Bitcoin and Ethereum have borne the heat to their potential lows. Whilst the star crypto Bitcoin has been dealing with the bears, Ethereum has been showing greener candles. As ETH price recovers 8% in a matter of hours, amidst 30-D MVRV ratio signalling opportunity zones.
Is This The Surge Before The Plunge?
ETH price at the time of publication is changing hands at $2,404.11 with gains of ~8%. While the market capitalization is hovering around $285,314,064,319. The volumes around the clock have risen by 56.26% to $43,827,006,392. The largest altcoin has been obliged to the 24-hour frequency range from $2206.76 to $2450.76.
If the bulls manage to close the price above $2,510, the next major milestone to conquer would be at $2,941.48. Which would, however, come at a cost of surpassing the hurdles at $2,756.19. Which would also help break out of the descending parallel channel. Since Bitcoin is still facing the south, the uptrend could turn into a fake breakout at levels around $2,510.
Successively, the 30-D MVRV ratio of Ethereum signalling at an opportunity zone further advocates the possibility of a fake breakout. In such a case, ETH’s price could stumble down below $2,200 levels, towards its multi-month low of $1775.21. Conversely, if the bulls manage to pull the price from the quagmire, the altcoin could soar up to $3,008.79.
Concluding, the next few days would be detrimental for Ethereum, as we will see candles clearing the mist. That said, it would be advisable for intraday traders to make calculative moves. As traders locked at losses would extract their profits as ETH rises above the $2,500 mark. With the altcoin also being in the oversold regions, things would turn optimistic once sentiments stabilize.
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