@cryptonite 11 June 2020 edited more from that month

Selling pressure for Ethereum

Hello everyone, today I want to talk about **Ethereum**, the second most capitalized cryptocurrency on the market is living a sideway phase since may 30, in this phase we can notice a good reaction when the selling pressure push **Ethereum** price at around 232 Dollar, to the **upside**  we also notice that at around 250 Dollar  bulls usually loose the strength to make the final move for consolidate this important level.

The inability of reaching the psychological resistance at 250 Dollar is pretty evident in the last couple of weeks as the average price of this period, the 240 Dollar, Is easily reached but for take the momentum bulls always need to loose some ground . The price we are now (232 Dollar at the moment I write) is a kind of a support, the loose of the 232/ 230 Dollar could slip Ethereum price to the most important resistance at 220 Dollar, the fall must not be easy as the support now is close to the up trend  we are  now. The fact that is possible that **Ethereum** could touch again the trendline that drive the ascending **trend** from the last 3 month is both a danger and an opportunity, the danger is clear, if we breakout this trendline is possible a reverse  trend on the downside or if we are lucky it could be a sideway  trend. To the other side the opportunity is that with a bounce back we can validate even more the strength of this **trend** that could restart with a big push by the bulls and reach new high, in fact if the valuation that are under pressure can have a positive reaction the first obstacle is the 250 Dollar that is a price that, if passed, could open the way to a highway to much higher target such as 268 and 275/276 Dollar as set of next resistance.

The crypto market keep talking about the event of **Ethereum 2.0** that must be revolutionary for the currency, and this may help rebound from the pressure we see today. More important we see a greater participation to a greater number of stable investor as they buy **ETH** for the staking reward, this may be helpful to the price stabilization, this translate in a higher number of unique addresses that is now higher than **Bitcoin** (around 39,9 millions for ETH and 30,1 millions for BTC). We may expect a push up also from a growing adoption of the **DeFi** apps maked under the **Ethereum** ecosystem that could keep the interest on this crypto very high in the future eve if the main currency that we will se as most used on **DeFi** would be the stable coins. That’s all for now, thanks for reading and hope you enjoy the post