{"id":108136,"date":"2021-01-12T09:51:45","date_gmt":"2021-01-12T09:51:45","guid":{"rendered":"https:\/\/precoinnews.com\/?p=108136"},"modified":"2021-01-12T09:51:45","modified_gmt":"2021-01-12T09:51:45","slug":"this-trend-channel-suggests-ethereum-could-dip-to-500-before-rallying-higher","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/altcoins\/this-trend-channel-suggests-ethereum-could-dip-to-500-before-rallying-higher\/","title":{"rendered":"This Trend Channel Suggests Ethereum Could Dip to $500 Before Rallying Higher"},"content":{"rendered":"<ul>\n<li>Ethereum has seen some brutal price action throughout the past few days and weeks, with the selling pressure seen in the $1,300 region proving to be quite intense<\/li>\n<li>It is important to note that Bitcoin has been creating massive headwinds for Ethereum as of late, with buyers being unable to guard against an intense decline<\/li>\n<li>One trader is now noting that where the market trends next will likely depend on whether bulls can defend $1,000<\/li>\n<li>Another analyst is pointing to a massive ascending channel, noting that the pivot point that ETH may soon visit currently sits around $500<\/li>\n<li>As such, this may be a level that bears target in the weeks and months to come, should this downtrend be more than just a short-term selloff<\/li>\n<\/ul>\n<p>Ethereum is plummeting lower today alongside Bitcoin and virtually all other cryptocurrencies. BTC\u2019s inability to hold above $40,000 is behind this decline and has caused the entire market to see some intense selloffs.<\/p>\n<p>Where ETH trends next will undoubtedly depend on whether or not bulls can guard against Bitcoin seeing any intense short-term selloff.<\/p>\n<p>One trader is now noting that Ethereum could see a further 50% drawback in the near-term, pointing to the support that exists in the $500 region.<\/p>\n<p>He also notes that this level has technical significance, as it happens to be a yearly pivot level.<\/p>\n<h2><strong>Bitcoin Drags Market Lower: Ethereum Struggles to Hold $1,000<\/strong><\/h2>\n<p>At the time of writing, Ethereum is trading down just under 20% at its current price of $1,025. This marks a massive decline from recent highs of $1,400 set just a couple of days ago.<\/p>\n<p>Where the market trends next will undoubtedly depend on Bitcoin, as it has been guiding ETH and most other altcoins throughout the past few days and weeks.<\/p>\n<p>Unless BTC can defend $30,000 and ETH can continue trading above $1,000, there may be further downside in store for both assets.<\/p>\n<h2><strong>Analyst: ETH Could Soon visit \u201cYearly Pivot\u201d at $500<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>One analyst explained in a recent tweet that Ethereum\u2019s yearly pivot currently sits within the $500 region, which means that it may continue trending down towards this level in the short-term.<\/p>\n<blockquote>\n<p>\u201cETH PF: still using this as roadmap for Q1\u2026 looking for a dip to ML, 200-day EMA, and yearly pivot over next few months ~500-530.\u201d<\/p>\n<\/blockquote>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/bitcoinist.com\/wp-content\/uploads\/2021\/01\/Erc6acGXUAE0mEh-980x489.jpg\"><\/p>\n<pre>Image Courtesy of Josh Olszewicz. Source: ETHUSD on TradingView.<\/pre>\n<p>The coming few days should provide insights into whether or not this is a realistic possibility for Ethereum and shine some light on how Bitcoin will trend in the mid-term.<\/p>\n<pre>Featured image from Unsplash.\nCharts from TradingView<\/pre>\n<p>Source: <a href=\"https:\/\/bitcoinist.com\/this-trend-channel-suggests-ethereum-could-dip-to-500-before-rallying-higher\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum has seen some brutal price action<\/p>\n","protected":false},"author":3,"featured_media":108135,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>This Trend Channel Suggests Ethereum Could Dip to $500 Before Rallying Higher - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/altcoins\/this-trend-channel-suggests-ethereum-could-dip-to-500-before-rallying-higher\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"This Trend Channel Suggests Ethereum Could Dip to $500 Before Rallying Higher - 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