There is a saying which says, whatever goes up must come down. The same thing is happening with Uniswap and Ethereum they are both hanging by a thread but lets take a look and see if they will hold or they will hit the ground running.
Lets first start with Uniswap and see how it is performing technically:
The Techs-UNI
Uniswap has been performing exceptionally well ever-since it was listed in September 2020. We can see it opened an spiked up with a bullish percentage of 2600% marking the closing of the daily candle. Then it ranged for about 120days without going anywhere, then since January 2021 we started seeing some bullish signs an we can clearly see from 12 Jan to 24 Jan the price manage to rise from $4 to $8 which was a sign that this token was a good investment.
Then in less than 4 months in May we saw UNI setting an all time high of $44.97 which was superb. Unfortunately now its struggling to embark on the same bullish train it was on all along and that same May it fell an ever-since that day it has struggled to surpass $32 now its trading at $19.
Since may it has been on the bearish streak and for those who are looking forward to buy the UNI its not the time yet as it is still falling. We are expecting the price to hold at $16 or maybe a bit further to $12 then from there we start looking for bullish signs.
The Techs-ETH
Ethereum is another banger which is second dominating the Crypto market with a market cap of $335,485,519,469 which is about 50% as compared to that of Bitcoin. Since it set an all time high in 2018 it came with full force and it set another recent new all time which is about thrice the previous.
Technically its falling after it created a double top and from the picture above we can see its still in a bull rally and that's on weekly chart. I am expecting it to fall till $2.400-2000 before it starts buying again but if it fail it might extend to $1500.
Conclusion
Both markets are still wresting but being overpowered by the bears, i guess its wise to take a chill pill and watch both of them at a distance before we initiate the buying process. With the world embracing the crypto we look forward to these assets being among the most valuables and owning a piece of the pie will be a good move.
