• Ethereum price is on the verge to experience a rejection once again from the same levels, displaying the weakness of the bears
• Crypto market is set to remain under bullish influence for the next three months
• Analyst Micheal van de Poppe predicts Ethereum to retest $1300 in the coming days
The cryptocurrency market is currently reaping the fruits of the bullish momentum that was induced by Bitcoin’s surge past the $17,000 mark. Other cryptos including Ethereum have also experienced a rise in their prices, with Ethereum almost reaching the $1350 mark before facing rejection. Despite multiple attempts, the second-largest crypto was unable to clear the resistance at $1346 and is now on the verge of experiencing a knock-back. This serves as an indication of the weakness of the bears in the market and may further lead to Ethereum retesting the $1300 mark.
The crypto market is currently under the influence of a bullish sentiment and is expected to remain so for the next three months or so. Not only Bitcoin, but other cryptos such as Ethereum have also been experiencing a surge in their prices as investors continue to show their faith in the crypto-space. However, Ethereum is set to experience a rejection from the same levels, displaying the strength of the bears in the market.
The prediction of Ethereum retesting the $1300 mark has been made by analyst Michael van de Poppe. He has stated on his Twitter account that the markets are getting too excited about the CPI and prices are getting into resistance areas. He further states that he will be keeping a close eye on ETH and expects it to retest the $1300 mark in the coming days.
The crypto market may be experiencing bullish sentiments at the moment, but investors should also keep an eye on the bearish trends that have started to emerge. Ethereum’s failure to clear the resistance at $1346 is a sign of the bearish market and may further lead to a knock-back in its price. Analysts such as Micheal van de Poppe have predicted that Ethereum may retest the $1300 mark in the coming days and have advised investors to be cautious and keep a close watch on the crypto-space.