Ether Lee (ETH) decreased nearly 50% last year, eroding investors' trust in the second largest cryptocurrency with a market cap. But encryption analysts suggest that ETH's luck will rotate.
Did Ether Lee set an optimistic brake out?
Unlike Bitcoin (BTC), ETH did not benefit from the development of 2024. On the other hand, the approval of SPOT BTC Exchange-Traded Funds (ETF) has opened a gate as the best digital asset of institutional capital, but the ETF did not generate the same level of interest.
Also ETH Performance deterioration It's just deeper than BTC. The encryption analyst DAAN CRYPTO Trades has shared the next two weeks of ETH/BTC charts, showing how ETH continues to break the level of major high -frame support for BTC over the past few years.
Currently, ETH is trading at an invisible level since 2020 compared to BTC. According to the analyst, the final major ETH/BTC support is almost 20% lower than the current level 0.019.
According to a more optimistic note, fellow analyst TED pointed out that ETH can escape the downward slope trend line on a two -hour chart. He commented:
The global market is gaining some power, so Ether Lee is expected to maintain $ 1,550- $ 1,600. Now we are looking forward to the above brake out and $ 1,670 for a rally for $ 2K.
Similarly, skillful analyst Titan of Crypto emphasized that ETH is likely to escape the triangle pattern in the daytime. According to him, ETH is currently trading at the bottom of the structure and can be set to test the top of about $ 3,600.
Unitized triangle is a continuous pattern formed when creating a higher price at the level of resistance at the horizontal level. In the end, it creates a triangle shape. Sending a signal to build a purchase pressure, and the riches on the resistor often lead to strong upward movement.
ETH Exchange Retention increase can suppress prices.
The above analysts point out the potential optimistic reversal of the ETH, but the encryption analyst Ali Martinez famous Since the beginning of this month, more than 368,000 ETHs have been sent to the exchange. The increase in exchange holdings for digital assets is generally weak news. The holder indicates that it can sell assets in the short term.
Also, even if ETH has already used the bottom of this market cycle, face Strong resistance of $ 2,300. In the press time, ETH is $ 1,612, down 2.7% over the last 24 hours.
The main image of unsplash.com, X and TradingView.com charts
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