{"id":5357,"date":"2020-11-07T20:00:51","date_gmt":"2020-11-07T20:00:51","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=449113"},"modified":"2020-11-07T20:00:51","modified_gmt":"2020-11-07T20:00:51","slug":"ethereum-is-defying-a-3-year-market-structure-claims-early-investor","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/ethereum-is-defying-a-3-year-market-structure-claims-early-investor\/","title":{"rendered":"Ethereum is Defying a 3 Year Market Structure; Claims Early Investor"},"content":{"rendered":"

Ethereum is currently expressing some immense signs of strength as the cryptocurrency rallies higher while Bitcoin drifts lower.<\/p>\n

This is the first time in weeks that the cryptocurrency has risen while Bitcoin’s price drifts lower. DeFi blue chips have also been rallying higher.<\/p>\n

The DeFi sector has been one of the biggest beneficiaries of Ethereum’s<\/a> immense strength throughout the past day, with many posting V-shaped recoveries that appear to mark their recent lows as a long-term bottom.<\/p>\n

If these tokens continue rallying higher and mark their recent lows as a long-term bottom, there’s a strong possibility that yield farming and trading volumes on decentralized exchanges will begin rising once again.<\/p>\n

This will greatly benefit ETH, driving transaction volume, fees, and further network utility to the blockchain.<\/p>\n

One well-known Ethereum whale – with a supposed average entry of below $2.00 per ETH – is now noting that the cryptocurrency is defying “3-years of market structure” with this latest push higher.<\/p>\n

He notes that any pullbacks in the near-term are unlikely to last long and will likely be followed by immense upside.<\/p>\n

Ethereum Holds Above $450 as Bulls Eye Upside<\/strong> <\/strong><\/h2>\n

At the time of writing, Ethereum<\/a> is trading down just under 2% at its current price of $450. Bulls have been ardently trying to defend this price region throughout the past few hours.<\/p>\n

This level was previously resistance, but it could soon transform into support if bulls continue holding it above here throughout the day.<\/p>\n

If flipped into a strong support level, this price could provide bulls with a great base to grow upon.<\/p>\n

The next key level to watch will be $500, as a rejection or break above this level will be significant and set the tone for where the market will trend in the months ahead.<\/p>\n

Early ETH Investor: Upside is Likely Imminent for the Token<\/strong><\/h2>\n

One early Ethereum investor who goes by the pseudonym “Tetranode” explained in a recent tweet<\/a> that the cryptocurrency<\/a> is currently defying a multi-year bearish market structure – indicating that serious upside could be imminent.<\/p>\n

\n

“Still on track, the cup formed and now I expect a handle. If there is a pullback as we hit the 460-480 range, it’s probably not going to last very long. Defying 3-years of market structure is an exercise in futility.”<\/p>\n<\/blockquote>\n

\"Ethereum\"<\/p>\n

Image Courtesy of Tetranode.<\/pre>\n
The coming few days should provide insight into Ethereum’s mid-term outlook, as a sustained bout of trading above $450 will likely provide it with some serious momentum.<\/p>\n
Featured image from Unsplash.\nPricing data from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
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