- ETH defies correction and gains 0.38% amid bullish momentum.
- BTC faces bearish pressure after an intraday struggle.
- Ethereum’s bullish momentum challenges correction forecasts.
According to a recent post by crypto analyst Ali, Ethereum (ETH) is poised for a 37%-45% price decline with a target price of $1,000 if the price drops below the $1,600–$1,550 range. Investors who have made big profits during the recent run might decide to take profits during this probable correction. According to the analyst, a breach of this support level could trigger heightened selling pressure as traders seek to manage losses and exit their positions.
#Ethereum | Slipping beneath the $1,600 – $1,550 bracket for $ETH might set the stage for a significant 37% – 45% correction, targeting $1,000. pic.twitter.com/Xmo7Mgfux5
— Ali (@ali_charts) August 21, 2023
However, bulls have dominated the Ethereum (ETH) market in the past 24 hours, driving prices from an intraday low of $1,663.98 to an intraday high of $1,692.33. At press time, ETH is trading at $1,671.58, marking a 0.38% increase compared to its previous close.
The Know Sure Thing indicator (KST), with a reading of 7.5054 and moving above its signal line, shows that the bullish momentum is increasing in the market. Investors might view a KST line crossing below the signal line as a sell signal and consider liquidating existing long positions or establishing new ones.
On the flip side, over the past decade, Bitcoin (BTC) has consistently dropped to meet the Realized Price after breaching the 200-day Simple Moving Average (SMA). In another post, the analyst also notes that currently valued at around $20,350, this historical trend suggests that if BTC breaches the 200-day SMA again, it could decline toward the Realized Price level.
#Bitcoin | Each time $BTC has broken below the 200-day SMA over the last 10 years, it often drops to touch the Realized Price.
— Ali (@ali_charts) August 20, 2023
Right now, the Realized Price is around $20,350. pic.twitter.com/SazzyyIhNW
Contrary to the bulls’ efforts, bears took control of the Bitcoin market in the last 24 hours, driving prices down to an intraday low of $26,004.32 after an intraday high of $26,260.68. As a result of this ongoing bearish sentiment, BTC’s price experienced a 0.26% decrease, settling at $26,009.81.
With Aroon indicators showing up and down readings of 100.00% and 57.34%, respectively, the BTC market is undergoing a notable downturn. This crossing of values implies a heightened probability of the market’s continuation in a downward trajectory. Selling pressure outweighs buying pressure, emphasized by the significantly higher Aroon down value.
In conclusion, market dynamics shift as Ethereum defies the odds, embracing bullish gains. Bitcoin, on the other hand, grapples with bearish pressure and downturn signals.
