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The current Ethereum chart suggest the digital asset forming a key bottom level below $350
The conjunction in the Ethereum’s Network has completely exhausted reaching to its peak
Double Bottom Pattern Emerges – Will ETH Jump or Decline?
Due to increased selling pressure at $370, Ethereum broke down on several occasions, forming new support levels at $350. Moreover, a double pattern is showing up at the same level which needs to be cleared to dump the current bearish trend.
The bearish trend with resistance around $370 is formed which needs to be hit. If ETH touches $370 then, the path for $390 or might be above $400 would be clearly visible. Currently, it is mandatory for the digital asset to sustain above the support level of $350, failing to which it could revisit the $330 zone.
Also Read : Will Ethereum Overcome the Recession in 2020?
Ethereum Network Utilization Almost Full
Ethereum’s network utilization which is maintaining above 90 percent since May 2020, is on the verge of being overcrowded. Currently, 97.57 percent of the network is utilized, which indicates the gas fees is at its peak.
Recently, the reports of the Societe Generale-Forge, a technology start-up of the French investment bank Societe Generale-Forge selecting Tezos blockchain over Ethereum has made rounds over the space.
The tezos blockchain was chosen to test the digital Euro experiment. However, they might have considered the congested network of Ethereum that would lead to lower transaction speed.
On the whole, ETH needs to maintain above the current support levels to clear the resistance levels formed surrounding $370. Once done, the bull rally for the digital asset above $390 would continue and probably surpass $400 also.