Ethereum On A 7 Year Old Support! Is This The Bottom?
Now that crypto has been trading bearish for weeks, there might be a light at the end of this dark tunnel.
Ethereum has seemingly found support on a 7-year old support line, which originated late 2016 when ETH was still trading around 7$.
As seen on the chart, the support line has also signaled a pump back in September of 2023.
If this support holds, it might be the last time that ETH will be trading at 3,000$ forever. On the other hand, if BTC will continue to fall, ETH will likely follow.
It remains to be seen whether ETH bulls can keep the BTC bears in check. I'd say it's more likely that ETH will fall through this support in the near future than not. Nevertheless, ETH is trading at a very interesting place for bullish traders.
Ethereum has seemingly found support on a 7-year old support line, which originated late 2016 when ETH was still trading around 7$.
As seen on the chart, the support line has also signaled a pump back in September of 2023.
If this support holds, it might be the last time that ETH will be trading at 3,000$ forever. On the other hand, if BTC will continue to fall, ETH will likely follow.
It remains to be seen whether ETH bulls can keep the BTC bears in check. I'd say it's more likely that ETH will fall through this support in the near future than not. Nevertheless, ETH is trading at a very interesting place for bullish traders.
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