Ethereum Could Be Mirroring Bitcoin’s 2018-2021 Cycle Amid Record Selling
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Encrypted data from crypto analysts improves Ethereum Price Mirroring Bitcoin’s 2018-2021 cycle, he said it was bullish ETH. This development is due to record sales among ETH investors, which continues to put downward pressure on cryptocurrencies.
Ethereum may be a 2018-2021 cycle reflecting Bitcoin
exist TradingView Poststhe password Gong said that Ethereum has been repeating Bitcoin’s 2018-2021 cycle very closely. He noted that long-term holders of ETH may guarantee only by looking at this BTC cycleseeing ETH can achieve similar end results, just like the flagships witnessed in this cycle.
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The analyst admitted that Ethereum has been under tremendous pressure since early December, almost hitting a 12-month decline in support this week. However, despite this development, the crypto cap shows that this is not a time when it takes a bearish position on ETH, as it reflects the new highs Bitcoin’s 2021 Cycle.
He noted that in the 2021 cycle, a rebound to decline in support led to a decline in resistance, with Bitcoin price rising to 1.618 FibonAcci expansion. In line with this, encrypted data prediction Ethereum can at least achieve During this market cycle, $8,000 repeats similar price action.
This view of Ethereum emerges in the context of sales records, which threatens any bullish reversal on ETH. In X posts, Crypto Founder Ki Young Ju It revealed that Ethereum has faced active sales in the past three months.
This led to poor performance of ETH, during which AltCoin outperformed XRP and Solana (such as XRP and Solana). When XRP hits its current all-time highest level (ATH) and SOL hits a new ATH, ETH is not close to its current ATH.
The most important price level of ETH is currently
In X posts, Crypto analyst Ali Martinez, Revealing $1,887 is the most important level of support for Ethereum at present. At this level, investors purchased 1.63 million ETH. A drop below this level could lead to another massive crash in the second-largest cryptocurrency divided, with many investors likely selling their coins to reduce losses.
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Martinez has increased the likelihood of Ethereum crashing up to $800. He pointed out Price level of $4,000 It has always maintained a strong horizontal resistance trend line. However, ETH recently broke out on this trend line, which significantly increased the likelihood of a price of 70% to reach this $800 target.
At the time of writing, Ethereum price is trading at about $1,893, up more than 1% in the past 24 hours. data From CoinMarketCap.
Featured images from Unsplash, charts from TradingView.com
