THELOGICALINDIAN - Like Bitcoin and best added top cryptocurrencies the accomplished few weeks accept been brackish for Ethereum The cryptocurrency has circumscribed about 230 declining to blemish in either direction
Stepping back, though, analysts are adage that ETH’s blueprint looks bearish. One analyst went as far as to say that the cryptocurrency is currently in an “ominous” position due to a able bounce at a acute accumbent level.
Related Reading: Fund Manager Reminds Bitcoin Investors to “Be Patient” as Price Stalls in $9ks
Ethereum Is Primed to Correct Lower
The advance abstruse analyst at crypto analysis close Blockfyre afresh said that “zooming out” to the three-day time frame, Ethereum’s contempo amount activity looks “ominous” due to the bounce at $250:
As the blueprint indicates, $250 has been a acute arena for the cryptocurrency over the accomplished few months, and additionally acted as a akin of accent in the antecedent balderdash run.
The above analyst is far from the alone one advertence they see a alteration for Ethereum bottomward the pike.
Per previous letters from Bitcoinist, an analyst appropriate that Ethereum has an basal seasonality area it rallies in the aboriginal bisected of the year, again corrects in the additional half.
Investors Are Betting On Upside
Ethereum investors assume to be action on the balderdash case, though.
Blockchain analytics close Santiment reported on June 17th that addresses associated with ETH miners are accumulating the cryptocurrency en-masse.
The accession has purportedly taken the anatomy of 15,000 ETH in the accomplished two weeks. That’s to say, miners accept collectively accumulated ~$2.5 actor account of the cryptocurrency over the accomplished two weeks alone, suggesting they are assured medium-term upside.
Smaller bazaar participants, too, are optimistic. Glassnode reported on June 17th that the cardinal of ETH addresses captivation at atomic 0.1 bill (~$23) “just accomplished an ATH of 3,002,281.000 Previous ATH of 3,002,015.000 was empiric on 17 June 2020.”
