There is a lot of talk in the crypto world about whether Bitcoin and Ethereum have bottomed out. Both cryptocurrencies have been locked in tight ranges for most of the year. Some analysts believe that bitcoin and Ethereum have bottomed out, but are they right? The price of Bitcoin was nearly 30,000 USD in December 2017, so that price could be a floor. However, there are no hard and fast rules about the path of least resistance.
Some analysts believe that Bitcoin has already bottomed out. This is true, but the price of Ethereum is not following this pattern. It has a bullish technical floor around $3,018 made up of a monthly S1 support level and a historical support level. It is still up, but the uptick does look promising. The RSI is undergoing a bullish knee-jerk reaction, which indicates demand from buyers outnumbers sellers.
In the last two months, Ethereum has lost more than 30% of its value. But it’s worth noting that the market has fallen because of broader economic factors. If you’re willing to take the risks and do not mind risking a lot of your money, buying Ethereum may be a good move. As a programmable cryptocurrency, Ethereum is a unique ecosystem that allows other applications to be built on top of it. It is home to the most cryptocurrency projects, and its market cap is the highest. Despite this, the crypto world is struggling with high fees and heavy congestion.
ETH fell even more this week, extending its losses into the new week. A measure of investor fear was released on Monday by Genesis Global Trading, which targets institutional investors. As of Wednesday, the price of ETH has declined more than 80 percent since June 2017. A key indicator for technical analysis suggests that the price of Ethereum has bottomed out, according to trading firms. This is the most reliable indicator, as it measures how much fear there is in the market.
The Ethereum price has exhibited a different pattern than Bitcoin. The cryptocurrency has not bottomed out. Instead, it’s rebounding off of its technical floor at $3,018. The monthly S1 and historical support levels both suggest that the price is overbought. While this isn’t a conclusive signal, the RSI is pointing to a potential reversal of the downward trend.
The latest data from Genesis indicates that Ethereum’s price has been on a downward trend for a few weeks. In contrast to ETH, the market has recovered in the last year. The yearly price of the cryptocurrency has recovered from a low of $170 in May 2017. Despite the fact that the price of ETH remains at this low, there is still plenty of speculation about the future of the cryptocurrency. There are many rumors surrounding the ETH.
ETH hit an all-time high of $4,891 on Nov. 16. It is currently trading at $3,248 – down 33%. The Labor Department’s data show that ETH is now at $3,248, or $3,068. Meanwhile, inflation is at 7%, which is the highest in 39 years. The Federal Reserve is pulling back on stimulus measures, as it is likely to raise interest rates in March.
ETH has found support on top of its previous resistance level, and spilled out of a rising wedge. This current market structure is more bullish than the previous one. But, the ETH price has failed to hold its prior resistance as strong support, and has formed a second higher low. In this situation, Ethereum still has a lot of proving to do. There is no certainty that the current market structure will hold.
While the price of Ethereum has not bottomed out, it is still holding steady and has broken through a technical floor near $3,018. The price has bounced off its historical and monthly S1 support levels. This uptick looks promising, as the RSI is currently underwent a bullish knee-jerk reaction, signaling that demand from buyers outnumbers sellers. With these events, the question remains: Has Ethereum Bottomed out?