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Ethereum Hits Highest Against Bitcoin Since January Amid Market Downturn (ETH Price Analysis)

                                                            Der Cryptomarkt wird stark von Ereignissen beeinflusst, die dem Luna-Ökosystem zugeschrieben werden.  Anleger deponieren ihre Vermögenswerte an Börsen aus Angst vor einer möglichen Fortsetzung des Ausverkaufs.

This is what awaits you in this article

Technical Analysis

By Grizzly

The daily chart

ETH stands at horizontal support (in green) on the daily timeframe, last touched in January. This level intersects with the descending line (in orange), which may have prompted some participants to buy at this point.

This technical structure has led to a price increase. ETH has recently lost significant levels, the first of which is $2,500 (in red). Until the price regains this level, the current move higher can technically be considered a jump.

On the other hand, the last price high in the intraday period is relatively far from the current price. ETH needs to confirm a possible uptrend by a close above USD 3,000 – only then can the trend be considered reversed.
Ethereum Hits Highest Against Bitcoin Since January Amid Market Downturn (ETH Price Analysis), Crypto Trading News TradingView
Key support levels: $2200 & $1700

Important resistance levels: $2500 & $3000

Moving Averages:

MA20: $2748

MA50: $3018

MA100: $2912

MA200: $3390

The 4 hour chart

Ethereum Hits Highest Against Bitcoin Since January Amid Market Downturn (ETH Price Analysis), Crypto Trading News TradingView
On the 4-hour timeframe, the RSI indicator has entered oversold territory – unprecedented since January. A slight recovery of ETH can be expected in this area. However, whether the price can move as much as it did in January is unclear as the macroeconomic conditions are very different then.

The ETH/BTC-Diagram

Unlike most BTC pair charts, the ETH/BTC chart is technically bullish, moving up within an ascending channel. But the recent ascending section that starts at the bottom of the channel is not as strong as the previous ones.

Weakness is observed on the upside and horizontal support at 0.07 BTC is likely to be retested. Therefore, as long as the price stays within this channel and above the horizontal support at 0.064, bullish insights can be gleaned.
Ethereum Hits Highest Against Bitcoin Since January Amid Market Downturn (ETH Price Analysis), Crypto Trading News TradingView

On-Chain Analysis

Offer on exchange vs. offer held by non-exchange addresses

As mentioned in the technical analysis, selling pressure is high in the market and participants have been aggressively dumping their assets on the exchanges over the past 72 hours.

This behavior is reported in the Supply On Exchange metric. This metric has risen sharply recently, which usually indicates an increase in selling pressure. On the other hand, the supply of non-exchange addresses has decreased slightly. It remains to be seen whether this expansion of supply on the stock exchanges will lead to a further decline in prices.
Ethereum Hits Highest Against Bitcoin Since January Amid Market Downturn (ETH Price Analysis), Crypto Trading News CryptoQuant

Source: Crypto News Deutsch

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