It’s been a tough week for all cryptocurrencies, Ethereum included. Investors at the start of this week were expecting this nascent market to push to new yearly highs, but their perspective quickly changed when most digital assets plunged by 10% over the course of two days.
The dump coincided with fears that Satoshi Nakamoto — the pseudonymous coder behind the earliest iterations of the Bitcoin project — was selling his stash of BTC. With Nakamoto believed to wield a large amount of Bitcoin worth billions, it was no surprise the market fell quickly.
While some are expecting a crypto market recovery because it was revealed that Nakamoto most likely isn’t selling his Bitcoin, analysts say Ethereum is running up against crucial levels of resistance, restricting upside.
Ethereum Still Has Key Resistances to Cross
On the day, Ethereum is up 4%, outpacing most cryptocurrencies in the top 10, though the rally is expected to stop soon.
One prominent crypto market technician recently shared the chart below, indicating that Ethereum is currently “approaching heavy resistance with the weekly open and monthly open coming up.”
The weekly open — where ETH traded at the start of…
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Author: Nick Chong