After a stellar start to the year, Ethereum (ETH), the leading altcoin and second-largest cryptocurrency began showing strong bearish signals. This has made traders and investors to look elsewhere for promising investment opportunities.

There is no shortage of investment opportunities in the crypto industry, but one cryptocurrency that has caught their attention is Sparklo (SPRK), a token which presents a chance for people to invest in gold.  

Ethereum (ETH) Displays Bearish Signals

Ethereum (ETH) started the year with a significant bullish presence, as the crypto market entered a new bull cycle. Ethereum sparked calls for the start of an altseason as it outperformed Bitcoin (BTC) in the aftermath of the Shapella launch. However, the calls were short-lived as regulatory pressure and debate on ETH’s status caused the bears to take hold of the market.

Ethereum (ETH) tried to recover from the $1,820 area but struggled to surpass the $1,850 resistance, just like Bitcoin (BTC). It reached $1,889 before falling again, breaking below $1,820 and forming a new weekly low around $1,807. Currently, Ethereum (ETH) is consolidating losses below $1,900 and the 100-hourly Simple Moving Average.

On the ETH/USD hourly chart, a significant bearish trend line is forming with resistance around $1,845. Immediate resistance is near the trend line and the $1,845 zone, which is close to the 50% Fib retracement level of the recent drop from $1,889 to $1,807.

The next major hurdle for Ethereum (ETH) is at $1,860 or the 61.8% Fib retracement level. If Ethereum (ETH) manages to break above this level, it could rise towards $1,900, with the major resistance still at $1,920.

A bullish increase may occur if the bulls manage to push Ethereum (ETH) beyond the $1,920 level, which could lead to a rise towards the $2,000 resistance. Further gains may result in Ethereum (ETH) testing the $2,080 resistance level.

Sparklo (SPRK): Your Chance

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Author: Crypto Daily

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