Ethereum bulls aim to flip $2.8K to support before calling a trend reversal

The dire predictions of an extended bearish market could have been premature, as prices are now in recovery mode following a U.S. Federal Reserve signal that interest rates would remain at 0% for the moment.

The Fed’s announcement started a trend of price rises in the cryptocurrency market. Bitcoin (BTC), up 4.11%, was pushing for $39,000 after the Fed announcement. This created a wave that lifted a majority tokens on the market. However, the BTC price is currently back at $37,000.

Cointelegraph Markets Pro and TradingView data show that Ethereum (ETH), the top smart contract platform, also responded positively to bullish sentiment. Its price climbed 8.11% over the 24-hour chart to reach a daily high of $2,723.

ETH/USDT 1-day chart. Source: TradingView

Here are some thoughts from market analysts about Ethereum’s price action and where it might be heading in the near future.

Ether saw a nice 12% jump from recent lows

Crypto trader and pseudonymous Twitter User ‘CryptoAmsterdam” provided a short-term analysis on Ether’s price movement. He posted the following chart, which shows one possible direction the price of Ether might take in the near future.

ETH/USDT 1-hour chart. Source: Twitter

CryptoAmsterdam warned that they would not chase the green here after noticing the “nice 12% jump” in Ether’s price “since the flip”.

CryptoAmsterdam stated,

“We will look for a short-term flip in bias if we return to the lower time frame high and break that trendline.”
Bottoming pattern on the Ether Chart

Options trader John Wick, a pseudonymous Twitter user, provided further insight into Ether’s state. He posted the following chart that highlighted the formation of a bottoming pattern in the Ether chart.

ETH/USD 4-hour chart. Source: Twitter

Wick stated,

“Ethereum is trying to break through the resistance zone with the same bottoming pattern. To break out, we need to see more upside from BTC.

Related: Altcoins report 40% gains following Bitcoin and crypto market relief rallies

Support at $2,850 is needed for Ether bulls to regain their support

Crypto trader and pseudonymous Twitter account ‘TheCryptoCactus shared a final analysis of key levels to watch out for moving forward. He posted the following chart, which shows a key support/resistance zone as well as an area with heavy accumulation.

ETH/USD 2-day chart. Source: Twitter

According to TheCryptoCactus those who “longed the bottom” can get an “easy hedge at these levels. However, the trader warned that it is necessary next to “to get a valid support/resistance turn of $2,850.”

According to TheCryptoCactus,

“Personally, I would rather wait until we flip $3,000 in support again than just ape large positions.”

The total cryptocurrency market is now worth $1.734 trillion, and Bitcoin’s dominance rate of 41.5%.

com. You should do your research before making any investment or trading decision.
https://cointelegraph.com/news/ethereum-bulls-aim-to-flip-2-8k-to-support-before-calling-a-trend-reversal

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Donna Burk

Donna Burk– Business News My Name is Donna Burk and I am also the main source from the ‘Dailynewssheet.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor.

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