has been facing some problems on its way up as it could not break the local resistance level at approximately $1,610. While it may seem like the 200-day moving average is the barrier that the second biggest cryptocurrency on the market could not break, this is not necessarily true.
If we take a look at the chart, it becomes clear that the line that connects local tops throughout the four-month period is the true resistance Ether has to break. Unfortunately, it does not seem as if Ether is breaking it on its own, without the support of the rest of the market.According to ultrasound.money, Ethereum's issuance normalized and the cryptocurrency became deflationary once again.
However, the recovery of burning operations on Ethereum is a result of increased network activity, which could lead to the improvement of Ether's market performance, as it usually depends on the revenue of validators, solutions and companies on the network.recently would not have been possible without the recovery of traditional markets.
As for now, it has already managed to break the long trendline resistance level and might gain a foothold above it, launching another wave on both crypto and traditional markets. However, some experts assume that this is nothing but a fakeout amid the bear market, and investors should brace themselves for a reversal and continuation of the trend we have been witnessing since the end of 2021.
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Fonte: BusinessInsider - 🏆 729. / 51 Consulte Mais informação »