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Ethereum reaching key resistance levels which will be difficult to break through

Written by  May 23, 2020

It’s been a rocky week for all cryptocurrencies, including Ethereum. Investors at the start of this week were expecting this market to potentially push to new yearly highs, but their views quickly changed when most digital assets plunged by 10% over the course of two days.

The dump coincided with fears that Satoshi Nakamoto 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 on this rumour becoming widespread.

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 Negotiate

On the day, Ethereum is up 4%, outpacing most cryptocurrencies in the top 10, though the rally is expected to end soon.

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 Monday is around $207, while the monthly open where ETH traded at the start of May is just short of $210. The cryptocurrency will need to decisively reclaim these levels to confirm upside.

Trading View 4hr chart.

Unfortunately, it’s unlikely to break through these resistance levels.

Cryptocurrency exchanges are holding (aggregate) more Ethereum than ever before, with addresses owned by platforms like Bitfinex and Binance holding ~18,000,000 ETH.

A well known data analyst remarked that this is a potentially bearish sign for Ethereum.

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Carl Brough

Carl comes from a Crypto tech background in Blockchain, his flair and attention to detail is very important to the success of this website. Carl is a freelance journalist who now prefers to work from home and has such a broad range of experience in the alt coin market, we always appreciate his knowledge and ideas.

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