{"id":419193,"date":"2020-03-25T22:00:14","date_gmt":"2020-03-25T22:00:14","guid":{"rendered":"https:\/\/wncen.com\/?p=419193"},"modified":"2020-03-25T17:35:50","modified_gmt":"2020-03-25T17:35:50","slug":"ethereum-on-the-cusp-of-capitulation-as-top-traders-eye-a-move-to-key-support","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-on-the-cusp-of-capitulation-as-top-traders-eye-a-move-to-key-support\/","title":{"rendered":"Ethereum on the Cusp of Capitulation as Top Traders Eye a Move to Key Support"},"content":{"rendered":"

Ethereum has been closely tracking Bitcoin\u2019s price action over the past day, which has led it to once again enter a consolidatory phase within the mid-$130 region. This bout of sideways trading closely follows the crypto\u2019s recent rally that sent it surging towards its key resistance at $140.<\/p>\n

In the near-term, analysts are noting that Ethereum is currently approaching a critical support level that must be defended if bulls want to guard against further downside.<\/p>\n

This comes concurrently with one top trader noting that ETH appears to be highly bearish against its USD trading pair, suggesting that a capitulatory decline could be imminent in the days ahead.<\/p>\n

Ethereum Consolidates Alongside Aggregated Crypto Market<\/strong>\u00a0<\/strong><\/h2>\n

At the time of writing, Ethereum<\/a> is trading flat at its current price<\/a> of $136, which is around where it started the morning off yesterday.<\/p>\n

ETH is currently trading down slightly from daily highs of $140 \u2013 a region that was visited on multiple occasions throughout the day yesterday, with each tap of this level leading to a significant influx of selling pressure that subsequently led it to decline to its current price region.<\/p>\n

This lackluster price action has come about in tandem with that seen by Bitcoin, which is also currently consolidating following multiple failed attempts to breach its key resistance at roughly $6,900.<\/p>\n

In the near-term, it does appear that Ethereum is quickly nearing a key support level on its BTC trading pair, with a failure to defend this level opening the gates for a noteworthy decline.<\/p>\n

Bagsy, a prominent crypto trader, spoke about this in a recent tweet, telling his followers that he does anticipate ETH to hold above this level on its first test, with subsequent tests potentially catalyze a breakdown.<\/p>\n

\u201cETH: Approaching support; I’m anticipating the midpoint holds here on a first test,\u201d he explained.<\/p><\/blockquote>\n

\n

$ETH<\/a><\/p>\n

Approaching support; I'm anticipating the midpoint holds here on a first test. pic.twitter.com\/yDiEbMGxFE<\/a><\/p>\n

— Bagsy (@Bagsy) March 25, 2020<\/a><\/p><\/blockquote>\n