Ethereum Recovery Is A Fake Price Trap - Alert!

Ethereum Recovery Is A Fake Price Trap - Alert!

2022-06-23 | Amilly Smith

Ethereum Recovery Is A Fake Price Trap - Alert!

The price of the second-largest cryptocurrency, Ethereum (ETH), has recovered to around 30% since its last fall to around $880 USD, but analysis reveals a completely different story.

Ethereum Price Chart - EtherDesk.

Is Ethereum Price Really Recovering?

Today on 20th June, Ethereum Price reached around $1150 USD, marking a 30%-plus rise in just two days. Still, at the time of reporting, the ETH/ USD brace suggested giving up its weekend earnings, with its price plunging by nearly 9% from the $1,150 high.

A renowned analyst, PostyXBT, an independent researcher, told his around $80k,  followers, to be careful about the recent ETH price rally, explaining that the move" would make for a clean fakeout." Extracts from his statement:

" It looks like an occasion to flip long towards $1,250, but $BTC still hasn't reclaimed its like- for- such like position."


Ethereum Price Can Fall To $700-$800 Next!

The statements appear as Ethereum, along with other leading cryptocurrencies, such as Bitcoin( BTC), Solana( SOL), and Cardano( ADA), have indeed entered a bear market.

ETH/ USD pair now trades 77 below its $4,951- record high, but some pairs are also down near to 90% from their 2021’s ATH.

Another analyst "Capo of Crypto" also states that ETH has not bottomed out yet and that its price could fall further toward the $ 700-$ 800 range very soon.


Trading Signals For Ethereum – Bull or Bear?

While stating on part of market signals, one standard metric that tracks the difference between Ether's price & realized value suggests that ETH/ USD is bottoming out.

The" MVRV- Z Score," as it's called, assesses when Ether is overrated or underrated relative to its" fair" or realized value. So, when the request value has surpassed realized value, it has historically marked a bull run top.

But this doesn't inescapably mean a trend reversal, according to the MVRV- price relation witnessed during the 2018 bear trend. Read More  @  Shiba Inu Coin Price Prediction 2050

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