- ETH faced rejection at $1,898 as buying pressure failed to overthrow sellers’ presence.
- A sell signal could arise if the MFI continues its downtrend and ETH doesn’t hit a higher high.
- While slight bullish sentiment appeared, ETH might not eventually succumb to an uptrend.
Although traders have shifted attention from Ethereum (ETH) and Bitcoin (BTC) lately, ETH was on the verge of finally losing hold of any sign of a bullish pattern. Recently, the altcoin has been hovering sound $1,860— a similar range it was seven days ago.
ETH’s biggest concern might not be breaking above the $2,000 region, but its potential to lose hold on $1,800. However, if the crypto market cap recovers from its decline, then ETH could approach $2,000 and possibly move above it.
ETH Has Been Rejected
From the 4-hour chart, ETH’s attempt to cross into the $1,900 has been met with an overwhelming rejection at $1,898. The pause in the uptrend could be linked to traders’ inclination to sell the asset on July 22 and 24.
While the $1,800 has been closely watched, ETH faces a crucial resistance of around $1,890. Recent market movements indicate that the resistance is not lo…
The post Why Ethereum (ETH) Traders Should Brace Up for a Potential Downtrend appeared first on Coin Edition.
The post Why Ethereum (ETH) Traders Should Brace Up for a Potential Downtrend appeared first on Coin Edition.