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#BullMarket
There has been a shift in the crypto market tension as the rally around Etherum ($ETH) seems to be fizzling out, thereby raising concerns about a possible price correction. This has led to speculation about whether this is the time to pull away from this investment. A robust $ETH has always been crucial for altcoins, majorly contributing to what we commonly refer to as an ‘altcoin season.’ This was particularly evident from mid-October 2023 when $ETH shattered major resistance at $2,000 and further at $2,130.
Despite the decent increase associated with $ETH, which recently recorded a 79% rally, the uptrend appears to be losing ground. Currently, there’s some consolidation below the trend line, marked by daily candles closing in the lower edge for consecutive days this week. However, when we broaden our lens to the weekly timeframe, we can note firm support waiting for $ETH price around the $2,100 mark. Right under this substantial price structure of $ETH at $2,000, we witness the entire support for this bull market. That said, should $ETH fall below this and maintain a lower price, it may pose serious threats to the bull market overall, potentially impacting the altcoin sector. To conclude, while corrections can be painful for investors and traders, it is a healthier path in contrast to an unsustainable price surge. Therefore, it is advisable to trade with caution.
Image: https://weeklyfinancenews.online/wp-content/uploads/2023/09/eth2.png
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