Ethereum Price At Its Peak of Bull Cycle! Yet Another Massive Leg Up Looks Imminent!

Ethereum Price At Its Peak of Bull Cycle! Yet Another Massive Leg Up Looks Imminent!

The post Ethereum Price At Its Peak of Bull Cycle! Yet Another Massive Leg Up Looks Imminent! appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

The bearish predominance across the crypto space has been fierce for cryptocurrencies in the market. Whilst, global crypto market cap dwells back to initial levels, Bitcoin price thrives to foment from underneath support. Its adversary Ethereum has upheld price levels well above $4k by shedding new ATH in terms of dominance. Howbeit, Evergrande defaults would ensue negative market sentiments, thereby putting digital assets at risk. 

Ethereum Price Manifests For $6K, Will it Make it Or Break it?

Regardless of the market sentiments, Ethereum’s price has managed to preserve its value well above $4k. At present, the star altcoin has been trading at $4,142 with a 28.1% surge in trading volume round the clock. The one-hour chart from the trading view signifies an uprise in sell orders. The asset needs to hold the key levels in order to confirm the uptrend. 

Whilst ETH’s price has failed to break above $4,357 on Thursday, it has drastically dropped to positions below 20-50-200 days MA that has become a cause of worry amongst traders. A crypto analyst BitBoy looks out for support around the psychological mark of $4000. Further, he presumes $3500 as solid support in case of an extremely bearish scenario. If Ethereum holds these levels, then he expects star altcoin to surpass beyond $6000 in its immediate bull cycle. 

Chinese FUD Fails Woefully!

BitBoy has also shed light on how the Evergrande crisis would impact Ethereum and wider market cap. Albeit, a cohort of traders presume that the latest default by Chinese real-estate giant would worsen the global market cap, the analyst says it has nothing to do with the crypto industry. 

The company avoided default yet again by failing to meet two coupon payments post the notice period expiry on Monday. However, as cryptocurrencies run widely based on market sentiments or speculations, potential Evergrande default seems to have created FUDs amongst traders. In addition, the company is the second-largest real estate giant by sales in China. This is why a cohort of traders are perplexed if it would impact the Chinese economy, thereby impacting the global economy and crypto market. 

Yet the analyst affirms that the potential Evergrande default won’t knock off cryptocurrency values. As per his theory, the crisis would impact construction and finance industries in China and not the crypto market. On the other hand, as the Chinese imposed a complete ban on digital coins in September, the rest of the world is no more concerned about FUDs from their zone. 

Collectively, the Ethereum price has to remain resistant against the Chinese FUD in order to confirm yet another upward move. The proponents across the space lookout for buying the dip opportunity, as merging to Proof-of-Stake (PoS) is fast approaching. If sentiments continue to work in favor of the second most valued asset, then it would claim ATH above $6k in its another leg up.