Crypto Daily: Ethereum Is Approaching the Reversal Level
Altcoins followed Bitcoin’s fall and also dropped by 4-6%. Ethereum lost 6% of its value and the cryptocurrency is now trading at about $3,800 per coin.
- Dec 29, 2021
- 05:12
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Altcoins followed Bitcoin’s fall and also dropped by 4-6%. Ethereum lost 6% of its value and the cryptocurrency is now trading at about $3,800 per coin.
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During these 7 days, the market has experienced a reversal. Moreover, the level of market fear started declining, which only favors further growth.
Yesterday, the price of Bitcoin rose by 4.5% and consolidated above $49,000. However, the market participants were in no hurry to take any actions.
The highest level of market fear can be considered a sign that BTC decline is ending. Over the past 3 weeks, it has been about 20%, which is an extremely low level usually leading to a reversal, based on the historical data.
The past week turned out to be one of the worst for the cryptocurrency market in 2021. The entire market, without exception, experienced the strongest collapse.
Over the past two days, the price of Bitcoin has risen by almost 6% from $54,000 to $57,000. Meanwhile, the chart moved even higher and briefly touched $58,500 yesterday. The price hit the upper border of the falling wedge and bounced down.
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