Crypto NewsEthereum (ETH)

Ethereum Struggles Around $2.8K But Are The Bears Prepping Another Attack?

                                                            Ethereum  Bullen versuchen, den Aufwärtstrend in einem kritischen Stadium zu halten.  Für eine solide Trendwende müssen sie versuchen, die dynamische Unterstützung zu halten und über die absteigende Widerstandslinie zu brechen.

This is what awaits you in this article

Technical Analysis

By Grizzly

The daily chart

On the daily time frame, the bears failed to sink the price below the dynamic support (in green). This trendline is currently playing an essential role in the continuation of the uptrend. On the other hand, a loss can psychologically trigger panic in the market.

The continuation of the uptrend comes with many challenges. The thick Ichimoku cloud is ahead of the price, accompanied by dynamic Resistance and the daily MA200. The first scenario calls for the bulls to return above the $3300 level. This can become a confirmation of a trend reversal.

On the other hand, if the bears continue to control the market, a break below $2600 may shatter hopes for a continuation of the bull market. At the time, it appears that the bears have the upper hand.
TradingView
Support Key Levels: $2800 & $2600 & $2300

Key Levels of Resistance: $3000 & $3300

Moving Averages:

MA20: $2942

MA50: $3065

MA100: $2909

MA200: $3446

The 4 hour chart

ETH is descending into a falling wedge (in yellow). This pattern is classically considered bullish. The horizontal resistance at $2,900 is considered a key level on this time frame. If the price fails to break this resistance, the falling wedge bottom at $2680 is expected to act as support. The RSI is also struggling with the descending line, oscillating on the border between bearish and bullish zones.
Ethereum Struggles Around $2.8K But Are The Bears Prepping Another Attack?, Crypto Trading News TradingView

On-Chain Analysis

Medium transfer volume to/from exchanges

Definition: The average size of a transaction to/from exchange addresses. Only successful transfers are counted.
Ethereum Struggles Around $2.8K But Are The Bears Prepping Another Attack?, Crypto Trading News glass node
Ethereum Struggles Around $2.8K But Are The Bears Prepping Another Attack?, Crypto Trading News glass node
The high readings in the inflow metric often represent a bearish signal and suggest that investors are currently preferring to list their coins on exchanges (especially the larger units). The outflow from the stock market, on the other hand, sends a positive signal. Currently, the median of transactions on exchanges is increasing while the median of transactions withdrawing from exchanges remains unchanged. This divergence is a bearish signal from the supply/demand perspective in the market. Therefore, the probability of a short-term price movement to the downside is higher than usual.

Source: Crypto News Deutsch

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button