Greetings to all readers of this great platform, especially to those who are part of the great community of #LeoFinance, in the present opportunity I want to share with you some information that is related to the crypto market, specifically to an interesting behavior that has shown the ETH market, so I have decided to share with you my opinion regarding this topic that is very interesting.
 Screenshot taken at: Binance |
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As we already know this weekend the market increased its value a little bit, this guided by the price of BTC, since we have seen how it exceeded by little the 22k of its price, one of the coins that has risen in a more striking way is the ETH, rising in a great way as far as percentage is concerned, and this scenario caught my attention a lot, so I wanted to share my personal opinion about what can happen with the ETH market in the coming days.
Let's remember that the crypto market is governed by the BTC and it is he who decides the direction of the market and what can happen, taking into consideration this perspective, let's first analyze what is happening with the ETH, since it overcame the resistance of the 1270$ also in the indicators that I use reached the long EMA, so it had a great rise in its value, but we must note that the candle that is forming today is of indecision and there are already a few hours to the closing of the same, this checking it from a temporality of 1 day.
Taking into consideration this situation, we must take into account that this rise of the ETH can be presented as a false breakout, so it can be a very good selling zone before it makes the correction again its price, since that area is not yet consolidated, and there are several reasons to affirm this situation and this is mainly due to what the BTC market can do, because although the ETH is the second strongest token in the market igua is governed by the BTC.
When analyzing the Bitcoin, we can see that it already reached the resistance and is currently struggling in that area, so it is expected a correction in the price in the following days, if this happens we can see a BTC at 17k as it follows the market with bearish strength, and repeating this behavior the ETH we can see its price in the area of $ 1000 or a little less, so we must be careful to the situations that are generated.
