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July 23, 2024
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Crypto Market Analysis: Here’s What Next For Ethereum (ETH) & Binance (BNB) Price

The post Crypto Market Analysis: Here’s What Next For Ethereum (ETH) & Binance (BNB) Price appeared first on Coinpedia Fintech News

The crypto market has been ablaze with activity lately, with many coins demonstrating massive growth potential. 

However, two of the largest projects, Binance Coin (BNB) and Ethereum (ETH), have been struggling to surpass $335 and $2,000, respectively. Why? Do they have a future ahead? We’ve answered all your queries. Read on. 

Bearish Exhaustion Signals for Ethereum

Bluntz, a crypto expert who predicted the 2018 Bitcoin (BTC) bear market bottom, says Ethereum is displaying signs of bearish exhaustion. After surging to $2,000 last week, the analyst told his Twitter followers that Ethereum may have printed a bearish lower-high pattern.

His chart suggests ETH will climb for a few days before falling to $1,700. 

“I dunno about y’all, but ETH definitely isn’t looking too crash hot to me,” he tweeted. I’m hearing lower high. “I’ll probably re-evaluate at $1,700.”

Ethereum Price Struggles

ETH had been fluttering around the $1,800 mark, but struck a low of $1,812 and now, the price is consolidating losses. The 100-hourly Simple Moving Average and $1,860 level remain below it. ETH/USD’s hourly chart shows a critical bearish trend line with resistance near $1,860. 

Ethereum is currently trading at $1,852.

Read more: Ethereum is Flashing Extreme Sell Signals! Here’s Next Level for ETH Price – Coinpedia Fintech News

Fresh Decline For ETH?

Ethereum’s USD price has declined below $1,850 again and it could fall to $1,650 soon. The 100-hourly Simple Moving Average or $1,888 appears to be the first important resistance level. It is around the 61.8% Fib retracement of the drop from $1,936 to $1,812.

Binance Coin (BNB) in a Downtrend

Following Bitcoin and Ethereum, Binance Coin (BNB) surpassed $325 last week. Bulls pushed the price above $335 and $340, but it hit resistance at $345. BNB is bearish on USD and BTC, according to Bluntz. 

“It feels like the market is trying to price something in on this pair, probably an FTX clawback or more regulatory bodyslams, not sure but it doesn’t look too crash hot to me.”

Overall, BNB may correct to $260, according to Bluntz’s chart. Binance Coin (BNB) fell 1.55% to $325.97 in 24 hours. BNB gained 2.58% last week, showing a neutral outlook.

It’s intriguing to see how Binance Coin and ETH will do against the surging meme coins. Only time will tell! 

This Might Interest You: Bitcoin News: Bullish or Bearish, How Will BTC Price React To CPI Reports Today?

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