Could Ethereum’s Bullish Ascending Triangle Surprise People?
A price correction may be imminent based on the latest chart analysis by the well-renowned crypto trader, Credible Crypto.
— Credible Crypto (@CredibleCrypto) February 25, 2020
One of the signs highlighted by Ethereum (ETH) optimists is the ascending triangle; however, the trend may be pointing towards a price correction. With the possibility of the correction occurring, traders will have to adjust their strategies to accommodate the bearish possibility.
Given the unpredictability of the market, it is possible that the price correction and the bull run will take place. The correction may be short-term, with Ethereum testing some low levels (around $230) before the cryptocurrency returns to a steady upward trend towards possibly a new six month high.
For traders, the best thing is to be prepared for every outcome concerning the two predictions. Trading hastily may result in the present or future losses.
Bullish Momentum Beginning to Decline
Lately, the bullish wave sweeping through the market seems to have slowly extinguished. The markets are undergoing a correction, having failed to make any new highs during the past few days.
Cryptocurrencies such as Ethereum are more widely known now than the last time cryptocurrencies were on a bull run. More people are aware of the benefits of blockchain and cryptocurrencies; thus, it is likely that the decentralized market has grown significantly.
Moreover, the performance of Ethereum has improved significantly, showing a steady rise in value for the past three months. Its encouraging performance has kept the market hopeful of an even greater run in 2020 and beyond.
It must also be noted that enterprise adoption will also help push the price of Ethereum. Its protocol is widely known and it is improving its scalability to meet the demands of a growing ecosystem.
Featured Image Source: Reddit
Sal Miah is the senior editor at Blockspectator News and is a regular contributor to a variety of cryptocurrency news websites and projects. He has written hundreds of articles on numerous topics related to blockchain and also has a special interest in financial markets. Contact him directly at email@example.com