Crypto Market Analysis: Here’s What’s Next for Ethereum (ETH) and Binance (BNB) Price

The crypto market has been abuzz with activity of late, with many coins demonstrating huge growth potential.

However, two of the largest projects, Binance Coin (bnb) and Ethereum (ETH), have been struggling to break above $335 and $2,000, respectively. Because? Do they have a future ahead? We have answered all your queries. keep reading

Signs of bearish exhaustion for Ethereum

Bluntz, a crypto expert who predicted the bottom of the Bitcoin (BTC) bear market in 2018, says that Ethereum is showing signs of bear exhaustion. After rising to $2,000 last week, the analyst told his Twitter followers that Ethereum may have printed a bearish pattern from low to high.

Its chart suggests that ETH will go up for a few days before falling to $1,700.

“I don’t know about you, but ETH definitely doesn’t look too attractive to me,” he tweeted. I’m hearing more bass high. “I’ll probably retest at $1,700.”

I don’t know about you but $eth It definitely doesn’t look too sexy to me.

5 wave clear drop, 3 wave slow move back to 0.618 fib where we had another wild sell off.

this is screaming at me lower.

I think 1700 is probably the next stop where I’ll retest pic.twitter.com/TUgj3bUoYJ

—Bluntz (@Bluntz_Capital) May 7, 2023

Ethereum Price Fights

ETH had been hovering around the $1,800 mark, but it hit a low of $1,812 and now, the price is consolidating losses. The 100 hourly simple moving average and the $1,860 level remain below. The hourly chart of ETH/USD shows a critical downtrend line with resistance near $1,860.

Ethereum is currently trading at $1,852.

Read More: Ethereum Is Showing Extreme Sell Signs! Here is the next level for the ETH price – Coinpedia Fintech News

Recent ETH drop?

The Ethereum USD price has dipped back below $1850 and could drop to $1650 soon. The 100 hourly simple moving average or $1,888 appears to be the first major resistance level. It is around the 61.8% Fibonacci retracement of the drop from $1,936 to $1,812.

Binance Coin (BNB) in downtrend

After Bitcoin and Ethereum, Binance Coin (BNB) topped $325 last week. The bulls pushed the price above $335 and $340 but reached resistance at $345. BNB is bearish on USD and BTC, according to Bluntz.

I don’t know about you but $eth It definitely doesn’t look too appealing to me.

5 wave clear drop, 3 wave slow move back to 0.618 fib where we had another wild sell off.

this is screaming at me lower.

I think 1700 is probably the next stop where I’ll retest pic.twitter.com/TUgj3bUoYJ

—Bluntz (@Bluntz_Capital) May 7, 2023

“It looks like the market is trying to price this pair, probably an FTX recovery or more regulatory changes, I’m not sure, but it doesn’t look too attractive to me.”

Overall, BNB may correct to $260, based on the Bluntz chart. Binance Coin (BNB) fell 1.55% to $325.97 in 24 hours. BNB gained 2.58% last week, showing a neutral outlook.

It is intriguing to see how Binance Coin and ETH will fare against the rising meme coins. Only time will tell!

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source: coinpedia.org