As the market volatility continues, Elereum (eth) has dropped 3.1% in the daily session and is trying to hold a key position as support again. Despite the dip, some analysts have suggested that the Altcoin king is set to start a new expansion phase soon.
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Edereum Retreats Large Zone
On Wednesday, Edereum fell below the level of $ 4,000 for the third time this week, repeating the most important area before the strike. The Cryptocurrency has been trading within the price levels of $3,8,800-$4,800 on the Daily Timeframe since the early August Breakout.
During the recent market correction, Ethly lost its position, reaching a two-month low of $3,435 last Friday. However, the price was quickly pulled back from the sources, retrieving the $4,000 area over the weekend. Since then, the king of altcoins has been circling the fringes, trying to regain the middle ground but ultimately failing.
As the price re-established the area of $3,900, Daan Crypto trading saw that Edereum was able to maintain daily above $4,100 without the recovery of this level taking place today. However, failure to hold this position during the daily period could target the decline of the $3,800 support and risk entering the $3,400 mark.
The trader also warned that the cryptocurrency must also hold the region of $ 4,100 in the last weekly period to maintain its current structure and focus on the rise of the upper range around $ 4,800. He confirmed that “the real fun starts when this can sell and close above $5k. Until then, we’re stuck between those two levels.”
Similarly, Ali Martinez highlighted that Eth showed 28%-53% based on the bands of Emerem’s MVRR deviation of the bands. According to the analyst, if the price holds the levels of $ 3,900, which is a major support, “the price bands point to move to $ 5,000 or $ 6,000.”
Is an iteration of the Ethi 2021 PlayBook coming?
Some market watchers also voiced a positive long-term outlook for Eth, suggesting that investors should not worry about recent price recoveries. Crypto analyst Jelle revealed an 18-month bearish pattern on Edemerum’s chart, which was broken during the Q3 Rally.
Jelle noted that the cryptocurrency “holds the crack as a support,” connecting between the crack and the cycle’s final athy. To the analyst, it looks “poised for a quick upward extension” once it breaks the accumulation range.
At the time, Crypto Kaleo emphasized several similarities between the start of the current market action of Elerreeum. Each chart, the king of Altcoins sold within the two-year bias during the previous cycle, redoubles the resistance of the range and briefly deviates below the low range before exiting.
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After that, Eth sees a period of accumulation for many months above the rest level before continuing its rally in new areas. Kaleo’s post highlighted that the cryprocurrenvencherchen seems to be repeating the same PlayBook, which it is currently putting together before starting to run towards targets in the next few months.
As of this writing, eth management is trading at $4,001, down 11.3% on a weekly basis.
Featured image from unscwassh.com, chart from artIngView.com
