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Ethereum and Bitcoin dwindling in current state of affairs

ethereum and bitcoin in bad shape

Ethereum is dwindling with no real hopes as the new year rolls on; pricing stands at a mere one hundred and thirty-five dollars ($135). Ethereum is barely above its support level range of one hundred and thirty-one dollars ($130) to one hundred and twenty-four dollars($124), and there is no real hope in sight.

The optimistic and pessimistic camps of the crypto space are arguing; each cap is trying to convince the opponent that they are right. But the impact of both is causing equanimity in the space.

The expected target for ETH is hoped to be the resistance level of either one hundred and forty-five dollars ($145) to one hundred and fifty dollars ($150) range or the one hundred and seventy dollars ($170) to one hundred and eighty dollars range ($180), but how is it going to get there? Well, experts aren’t that sure.

On the other hand, Bitcoin is continuously showing a pattern of a recurring head and shoulders bottom. But this pattern will only continue if Bitcoin hits the resistance level of over four thousand three hundred and eighty dollars ($4,384). The four thousand three hundred and eighty dollars mark ($4,384) was previously an all-time high resistance level.

Bitcoin will have to overcome this price mark to continue the head and shoulders bottom trend. If it manages to break through this price mark, then the new expected price mark is around five thousand dollars ($5,000). These figures have been deduced by well thought out calculations as well. These are not speculations, but this may actually occur in the given scenario.

However, some believe that the cryptoanalysts are being too optimistic about their judgments and predictions. They think that it is very unlikely that Bitcoin will be able to execute such a performance.

This trend of the head and shoulders bottom will be eliminated once the support level of three thousand five hundred dollars ($3,500) is surpassed. This trend then later will be overtaken by high volumes.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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