ETH’s fresh momentum continues despite cyclical crypto market conditions. The cryptocurrency is on the recovery path with a 16% correction. With the Georli Test Net launch approaching and the collapse of Luna forcing projects to move to ETH, the downside has been broken and ETH will not go beyond $880.
Why Ethereum Cannot Go Beyond $880?
Traders Manipulating the Market
Traders have gone on a manipulation spree but the fluctuations are invalidated. Generally, when there’s market upside or downside, there’s a steady 25% price movement. However, such hasn’t happened since bullish price expectations pushed prices 12% higher. However, though it is a positive sign invalidating a bearish sentiment,a 12% change in prices typically doesn’t validate a bull market either. Hence, traders are playing cat and mouse chase with their assets.
If that doesn’t make matters more complex, ETH has nevertheless touched a neutral to a bearish sentiment on July 7 but soon after it was followed by a 13% rise. These mixed signals have caused jitters in investors.
Margins Shoot For the Sky
Margins have gone off the roof on Bitfinex exchange where whales have gone long on Ether. These longs have seen a vast spike ever since June 13. All of these traders haven’t speculated below $900. Hence, even the $880 mark is the bottom which was left behind. That said, validating the claims for a further upside ahead.