Ethereum Price Forecast – Triple Bottom Breakout – Can We Expect More Selling?

The further adoption of Bitcoin resulted in declined market capitalization, which negatively affected its prices as the market cap dropped below $1 trillion for the first time in a week. The negative sentiment around the crypto market did not stop at Bitcoin, but it also affected the second largest cryptocurrency Ethereum. Ehtereum prices fell below the $1600 level for the first time in almost two weeks as a result of a massive decline in Bitcoin prices.

The co-founder and CEO of Staked, Tim Oglivie, said that the firm wanted to offer three services in one vehicle to traditional investors. Staked will provide purchasing, custody, and staking of crypto assets was complicated before. He added that the appeal of owning cryptocurrency is growing, and so does the desire to earn staking reward. The Staked Eth2.0 Trust will move dramatically lower down the barriers to entry for more traditional investors. He believed that when staking was made more accessible for a larger pool of capital, then participation levels will grow significantly.

The ETH/USD traded sharply bearish to test the support level of 1,520 and bounced off over this level to recover a few of the losses. Right now, the pair is trading at 1,594 area, and it’s likely to face immediate resistance around 1,654 level. On the lower side, ETH/USD is likely to gain support at the same low level of 1,521. The MACD and RSI support a selling bias; therefore, the breakout of 1,521 level can drive more selling until 1,450 level. For now, it may head higher to target the 1,654 level today. Good luck!