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Ethereum Joins Bitcoin In The Red – Volatility Looms Ahead

In a recent update shared on X, crypto analyst CRYPTOWZRD noted that Ethereum ended the day on a bearish note, mirroring Bitcoin’s decline. He pointed out that this synchronized drop suggests a potential rise in market volatility in the coming days, particularly at the start of next week. With volatility likely to persist, timing and precision will be key for navigating Ethereum’s next move.

ETHBTC Holds Promise For Future Upside Despite Near-Term Uncertainty

Expanding further on his recent analysis, the crypto analyst emphasized that Ethereum and ETHBTC both printed slightly bearish daily candles. This subtle shift in sentiment reflects the broader market uncertainty caused by ongoing geopolitical tensions. Such developments have instilled caution in the market, leading to short-term hesitations across major cryptocurrency assets, including Ethereum.

While the daily candles signal immediate weakness, the analyst remains cautiously optimistic about Ethereum’s medium- to long-term outlook, particularly for ETHBTC. He stated that ETHBTC should see further upside in the future, suggesting that the current retracement could simply be a temporary pause before a larger upward continuation. However, he warns that the weekend might bring renewed volatility.

Ethereum

Another factor that could shape Ethereum’s movement is the transition in traditional markets in the monthly and weekly time frame. In addition, Ethereum’s monthly candle closed strongly bullish after five consecutive months of weakness. This recovery could signal the beginning of a broader trend reversal, even if short-term movements remain uncertain.

Despite the positive monthly performance, the analyst also acknowledged that the weekly candle remained indecisive. This leaves traders with mixed signals going into the weekend. As a result, he plans to pay close attention to Ethereum’s intraday chart structure in the coming days, seeking opportunities to capitalize on short-term setups as they develop. 

ETH Next Move Hinges On $2,604 

Wrapping up his analysis, CRYPTOWZRD noted that Ethereum’s intraday chart appeared “somewhat volatile and bearish.” He emphasized that holding above the $2,604 resistance level could trigger further upside and present a long opportunity. However, trading below that level might lead to continued sideways volatility throughout the weekend.

He also pointed out that the market is entering a monthly transition phase, which often brings unpredictable movements. “Random volatility can occur at any moment without reason,” he explained, urging traders to stay cautious. CRYPTOWZRD plans to wait patiently for signs of stable price action before entering any positions. This cautious approach underlines the need for discipline and flexibility in times of increased market noise and uncertainty.

Ethereum

from Bitcoinist.com https://ift.tt/3HwBEru
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