Today marks the day for the official launch of ETH2.0, a long-awaited event among crypto enthusiasts. The whole world is watching what will happen to the price of Ether post this awaited launch, while Bitcoin is hovering around its all-time high. What to expect in the coming days, and how to be ready for potentially strong price-action movements?
Current Ethereum price – will it make it or break it?
Ether’s price made a very interesting TA move earlier today, where it broke its previous high of USD 620 and reached a high of 2 years of USD 635, only to retrace back to previous support of USD 575.
This move comes after a previous break of a Head & Shoulder formation, where prices were expected to fall further if the strong psychological price of USD 500 was broken, but prices did a massive fakeout, dipping just below this level to USD 495 and retracing back up.
This is probably due to the long-awaited launch of Ether 2.0 today, which most probably helped in pushing prices back up.
A double top formation across the crypto market
Currently at play, an interesting phenomenon happened to Ether and many other cryptos, which is a double top formation.
A double top is an extremely bearish technical reversal pattern that forms after prices reach a high two consecutive times with a moderate decline between the two highs.
If we closely look at Ether’s technical formation, we can clearly see this pattern forming. Interestingly, a double bottom formed in the middle, forming a sideways trend, delimited by both levels USD 625 and USD 500. Usually, a sideways trend occurs when there is uncertainty in the market: Traders and investors are awaiting if prices will breakout from this sideways trend from either side, to short or long accordingly.
The next potential scenarios are very clear:
- Prices will most likely fall back towards the USD 500 level if there was a heavy breakout of the USD 575 area
- Prices will break the high of USD 635 and proceed further to higher price areas, where new important levels emerge
The whole crypto market is adjusting
In the last 7 days, the top 10 cryptocurrencies didn’t move much, rather adjusted from previous highs (since we are in a sideways trend in the short term, as explained above). The highly anticipated launch of the ETH 2.0 should either make it or break it, bringing the whole cryptocurrency market to new highs or previous support areas:
1- Bitcoin (BTC) : – 1.11 %
2- Ether (ETH) : – 0.74 %
3- Ripple (XRP) : – 3.07 %
4- Tether (USDT) : 0 %
5- Litecoin (LTC) : – 1.70 % (Surpassing Bitcoin Cash & Chainlink)
6- Bitcoin Cash (BCH) : – 12.64 % (Surpassing Chainlink)
7- Chainlink (LINK) : – 10.23 %
8- Cardano (ADA) : -1.16%
9- Polkadot (DOT) : – 9.25 %
10- Binance Coin (BNB) : – 7.91 %
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