Crypto NewsEthereum (ETH)

ETH Draws Lower Low as a Retest of $1,000 Looks More Likely (Ethereum Price Analysis)

                                                            Im Gegensatz zu Bitcoin und vielen anderen Crypto-Assets Ethereum bildet ein neues Tief, während es ein signifikantes Widerstandsniveau testet.  ETH sollte genau beobachtet werden, da die Preisbewegung in den nächsten Tagen nützliche Hinweise für den mittelfristigen Markttrend liefern könnte.

This is what awaits you in this article

Technical Analysis

Through: Edris

The daily chart:

Looking at the daily chart, the price is still trapped between $1250 and $1000 but it could break out soon. The $1250 resistance level is currently being tested and if it breaks to the upside, the 50-day and 200-day moving averages would be targeted next, located around the $1300 and $1500 levels respectively .

However, as long as the price stays below the 200-day moving average, ETH would technically be in a bear market lie. Therefore, any rejection from any of the previously mentioned resistance levels would be highly likely. In that case, the $1000 area could eventually be retested and a break below this key level would be interpreted as a very bad sign as it would lead to another rapid drop.
ETH Draws Lower Low as a Retest of $1,000 Looks More Likely (Ethereum Price Analysis), Crypto Trading News TradingView

The 4 hour chart:

On the 4-hour chart, the price recently formed a prominent double bottom pattern around the $1100 support level after terminating a bearish flag pattern to the upside. The first target for these patterns is usually the first high of the flag, which is near $1350.

However, the RSI is approaching overbought levels, which indicates a possible pullback or even a reversal in the near term. Note that a break below the broken flag would cause the bullish scenario to fail and a drop towards the $1100 level and even below would be very likely.
ETH Draws Lower Low as a Retest of $1,000 Looks More Likely (Ethereum Price Analysis), Crypto Trading News TradingView

onchain analysis

Through shayan

The FTX fallout and the negative sentiment it brought with it continues to dominate the market as short positions due to funding rates still dominate the futures market. Meanwhile, ETH deposited into exchanges has surged to more than 100,000 ETH per hour over the past few days.

The following chart shows the Exchange Inflow metric. Before each price drop, there was a large jump in the number of transactions on exchanges, leading to greater selling pressure. Each was due to the ongoing financial woes of the FTX exchange as market participants experience fear and uncertainty and control their risk through the allocation of their assets. Still, the dominance of the short positions could soon lead to a short squeeze event.
ETH Draws Lower Low as a Retest of $1,000 Looks More Likely (Ethereum Price Analysis), Crypto Trading News CryptoQuant

                                    <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>  

Source: Crypto News Deutsch

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button