Analyst: Ethereum Narrowly Avoids Capitulation as Macro Outlook Grows Bright

Michael 3 980x483

Ethereum has posted some strong price action throughout the past couple of days, with the cryptocurrency ardently defending against any sharp decline This strength has come about mostly due to the buying pressure found at $320 This price level, and the region directly above it, have helped the crypto to slow its descent and stabilize Bitcoin’s ability to hold above $10,000 has also aided its price action significantly One analyst is now noting that ETH is now trading above two crucial moving averages Bitcoin’s ability to continue holding above $10,000 has boosted Ethereum, with the crypto now trading within the mid-$300 region as bulls attempt to claw back some of the gains that were lost in recent weeks. Despite the blow that its decline from $490 to $320 struck to its market structure, one analyst is observing that the cryptocurrency has been able to trade above multiple key levels throughout…

Read the original article here