The upside outlook appears as ETH price eyes a breakout above its five-month-old resistance trendline.
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The upside outlook appears as ETH price eyes a breakout above its five-month-old resistance trendline.
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ETH/BTC dropped below its 200-day exponential moving average for the first time since March 2020, raising risks of more downside.
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The eerie deja vu scenario can see Ethereum hit $13,000 within six months if history repeats.
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The three bullish indicators converge as Ethereum’s native token Ether climbs over 9% Friday to cross $3,000, its psychological resistance level.
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The Ethereum block producers accumulated $6.1 billion worth of ETH tokens after the Aug. 5 network upgrade.
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Traders raised their bids for the decentralized exchange token, believing it would benefit from China’s decision to classify all crypto transactions as “illegal.”
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Ethereum prices recovered on Sunday amid a market-wide upside correction while receiving an additional upside boost from a bullish JPMorgan & Chase report.
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The second-largest cryptocurrency falls 13.30% versus Bitcoin’s 9.38% decline as China’s move scares investors away.
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Meanwhile, the amount staked in Ethereum 2.0 smart contracts reached over 7.75 million ETH.
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The bearish setup positions Ethereum price to extend the decline toward $2,000.
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