Global Crypto Market

Why Ethereum price entered a new bear market – FXStreet




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 A brief technical and on-chain analysis on Ethereum price. Here, FXStreet's analysts evaluate where ETH could be heading next. Please, subscribe to our YouTube channel, follow us on Twitter @FXScrypto and join our Telegram channel.
 

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Bitcoin, Ethereum and other cryptocurrencies are in perfect equilibrium, with price action consolidating, forming lower highs and higher lows in the process. Buyers and sellers are getting squeezed into one another as a bearish triangle reaches completion in all three cryptocurrencies, ready for a possible breakout either next week or the week after that. 
Despite LUNA 2.0 drop, some investors in the crypto community remain bullish on Terra’s new token. Other experts raised concerns about a potential colossal crash of LUNA 2.0, similar to what happened with the LUNA Classic and UST. 
Goblintown NFTs have exploded since their launch in May 2022. The collection was free to mint and hosted 10,000 Goblins, with a floor price of 8.19 ETH. 
Ethereum has flipped its direction on the three-hour chart, undoing gains seen between May 28 and 31. While this correction might seem bearish, it could trigger a minor relief rally before a massive crash to significant levels.
Bitcoin price consolidates above a weekly support level after the LUNA-induced crash on May 12. This coiling price action could cause BTC to trigger a move to the downside, further deepening the woes of investors.
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