After a short pump to 2850 dollars on Monday, the ETHEREUM price again below the sale of doubts that raised the pressure on the potential altcoin season to move forward. At the time of the press, the ETH price is trading 1.71 % at 2668 dollars, with a daily trading volume increased by 112 % to 26.6 billion dollars.
Why is the altcoin season at risk?
While major analysts and investors expect the Altcoin season very soon, it has made low performance in the last market traders skeptical. The encryption analyst Ali Martinez has warned that Alex the season may be in danger if ETHEREUM (ETH) fails to maintain the support level of $ 2600.
According to Martinez, the most important level for ETHEREUM is $ 2,425, with more than 10.33 million governors accumulated 62.43 million souls. If Ethereum decreases without this main level, it may indicate a decrease in more prices and may delay the altcoin gathering.
Moreover, market analysts believe that Monday’s increase in ETHEREUM price was only due to negative feelings in the Solana Meme, and not because of the basic power of ETH.
Market analysts continue to maintain up
Other market analysts believe that the altcoin season can be inevitable, indicating that the current technical preparation is similar directly before the huge gathering of 2021. On the X platform, the University of Crypto Crew indicated the plans.
Simple moving average 100 (SMA) is about to cross over 200 SMA, a rare event that was last seen in 2020 before altcoins witnessed a significant increase. This pattern pointed to an excitement among merchants, indicating the possibility of achieving great gains in the Altcoin market, the analyst pointed out.
Optimism continues to recover ETAREUM prices
The Crypto Incomeshaks analyst is highlighted that the price of ETHEREUM is in an ideal purchase, indicating that the assets every day remain within this range a good opportunity to accumulate.
However, the analyst warned that once the first candle is closed outside this range, it would be too late for purchase. This advice comes at a time when the ETHEREUM price remains in a critical area for traders looking to enter before any possible upward movement.
Blockchain analysis platform Santim reports Ethereum supply continues to convert exchanges into a cold wallet at an unprecedented rate, with only 6.38 % of the total display on the stock exchanges.
Bushan Akolkar
Bhushan is enthusiastic about technology with a severe understanding of the financial markets. His interest in economics and financing has focused on emerging technology and encrypted technology markets. He is committed to continuous learning and remains eager to share the knowledge he acquires. In his spare time, Booshan enjoys reading excitement novels and sometimes exploring his cooking skills.
Responsibility: Is market research before investing in encrypted currencies? The author or post does not bear any responsibility for your personal financial loss.
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