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.
![ETH has shown cyclical movements in the past few months befoollng investors](https://test.bitcoinworld.co.in/wp-content/uploads/2022/07/0b29800d-12c5-4510-aa9b-bd538a7b0e58-1024x488.jpeg)
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.
![Margin trades have shown steady sentiments for ETH in the past few days.](https://test.bitcoinworld.co.in/wp-content/uploads/2022/07/margin-trades-.jpeg)
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