Ethereum Bulls Need to Act Soon “to Survive”: Here’s Why
Ethereum needs to reclaim the Point of Control at $392 or risk a strong correction, analysts say. It shows that Ethereum is currently reachin the apex of a pivotal short-term triangle, formed between an uptrend from the $310 lows and the Point of Control that has marked the baseline for much of the price action over the past two months:
Some analysts have been more assertive, with one stating that there’s good likelihood Ethereum corrects here.
As mentioned many times over recent months, the price action of Bitcoin and other top cryptocurrencies has largely been dictated by the price action of traditional markets. Stocks opening red, or the U.S. dollar dropping relative to foreign currencies, would likely push Ethereum, Bitcoin, and the rest of this nascent market to the upside.
