The sentiment has been switching on and off in the cryptocurrency market, in the past couple of weeks. Cryptos used to be extremely bullish and the larger trend is still bullish, but in the recent months, pullbacks have also been quite ferocious, with volatility increasing on both sides.
The largest part of the crypto market had been retreating this month, with Bitcoin leading the way as it fell to $42,200s a while ago. Elon Musk’s comments about Bitcoin heled sellers as well, after his comment of this crypto.
That helped send the crypto market further down, but it seems like the decline might have stopped right now. Ethereum has been one of the most bullish cryptos this month, leading the half of the market higher, while the other half was retreating lower.
But, the bearish momentum caught up with Ethereum over the weekend. ETHEREUM lost nearly 30% of its value, as it tumbled from $4,370s to $2,120s. Although, since the European session started we have seen a reversal in ETH/USD.
Ethereum has climbed around $400 off the lows, moving above $1,500 a while ago, which is where we bought this crypto last night during the decline. Although, the 100 SMA (green) is acting as resistance at the top on the H4 chart.
But, the climb has stalled, so now is the decisive time for Ethereum. If buyer are to get control, they should push above the 100 SMA at least, if they don’t soon, then we might see another attempt at the downside, probably until the 200 SMA (purple)