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Ethereum Closes Near Its Next Profit Take Region As Bullish Momentum Continues

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Ethereum Closes Near Its Next Profit Take Region As Bullish Momentum Continues

The Ethereum price has been propelling itself considerably ever since Bitcoin crossed the $20,000 price mark. Over the last 24 hours, ETH has slightly moved down on its chart, depicting consolidated price action. Last week helped the Ethereum price move up by 6%.

The coin finally broke past its consolidation at the $1,500 price level and has been moving north ever since. The technical outlook of the coin has pointed towards continued bullishness on the chart. Accumulation has increased substantially ever since Ethereum breached the $1,500 price level.

The chance of a price reversal cannot be ruled out just yet, as ETH was overbought and overvalued. Currently, Ethereum has secured $1,600 as the support level. The next price correction could help traders with buying opportunities.

A price correction might not occur over the immediate trading sessions as demand for the coin remains quite high on the chart. Ethereum’s price might continue on the upside before the coin retraces. The market capitalization of Ethereum increased, which also reflected that the buying sentiment remained high.

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Ethereum Price Analysis: One-Day Chart

Ethereum was priced at $1,620 on the one-day chart | Source: ETHUSD on TradingView

ETH was exchanging hands at $1,620 at the time of writing. Immediate resistance for the coin stood at $1,690; it even corresponds to the 50% Fibonacci retracement level. A move above $1,690 will help Ethereum touch the $1,700 price mark.

The $1,700 price mark is crucial, as touching or breaching this mark could mean continued bullish momentum for the crypto.

ETH could even soar to $2,000 if the $1,700 price mark is crossed. This region will act as a profit-take region for traders. On the flip side, if the bullish momentum slows down, the first fall would be at $1,600 and then at $1,520. The amount of Ethereum traded in the last session was red, signifying a downtick in buying.

Technical Analysis

Ethereum was overbought on the one-day chart | Source: ETHUSD on TradingView

The altcoin was still in the overbought zone, which also means that Ethereum broke a multi-month record in terms of accumulation. The Relative Strength Index was parked a little below the 80-mark, which still signified heavy buying strength and bullishness.

If demand stays at this level, bullish momentum will not fade out anytime soon. ETH was also trading above the 20-Simple Moving Average line, indicating that buyers were driving the price momentum.

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On the contrary, the 200-SMA line crossed the 20-SMA line, which implies that the coin might be headed for southbound price movement.

Ethereum displayed a sell signal on the one-day chart | Source: ETHUSD on TradingView

As accumulation has remained at a record high for the coin, chances of a price pullback still remain for the altcoin. The Awesome Oscillator, which signifies price direction, displayed red histograms, which meant that these were sell signals for the altcoin.

Sell signals can be accompanied by a fall in price. Ethereum may briefly fall in price before resuming its upward trend.

The Directional Movement Index was still positive, as the +DI line (blue) was above the -DI line (orange). The Average Directional Index (red) shot past 40, which suggested that price direction would gain further strength, which will push ETH to break past its nearest price ceiling of $1,700.

Featured Image From UnSplash, Charts From TradingView.com

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Analysis

Bitcoin, Ethereum Technical Analysis: BTC Nears $24,000 Following Weekend Rally

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Bitcoin, Ethereum Technical Analysis: BTC Nears $24,000 Following Weekend Rally

Bitcoin started the week trading near a five-month high, as prices consolidated the weekend’s gains. Prices rose close to $24,000 on Sunday, following a breakout of a key resistance level. Ethereum fell back below $1,600 on Monday, after moving to a one-week high during yesterday’s session.

Bitcoin

Bitcoin (BTC) remained near a five-month high on Monday, following a strong rally towards $24,000 over the weekend.

Following a high of $23,919.89 on Sunday, BTC/USD fell to a low of $23,166.83 to start the week.

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Sunday’s surge saw BTC bulls push prices to their strongest point since August 26, however these same traders have already begun to retreat.

BTC/USD – Daily Chart

Looking at the chart, the decline commenced following a failed breakout of a ceiling at 85.00 on the 14-day relative strength index (RSI).

As of writing, the index is now tracking at 72.19, with a floor at 65.00 the only current visible target for bears.

Should this zone be hit, it is highly likely that BTC will be trading close to a support point at $22,500.

Ethereum

Ethereum (ETH) also edged lower to start the week, as sentiment shifted following a breakout of the $1,600 level

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ETH/USD slipped to a bottom of $1,582.18 earlier in the day, as bulls were unable to sustain Sunday’s high at $1,653.73.

Yesterday’s peak saw the world’s second largest cryptocurrency climb to its strongest point in one week, however traders used this as an ideal moment to secure recent gains.

ETH/USD – Daily Chart

The move saw ethereum marginally break out above a ceiling at $1,650, however bearish sentiment around this mark has reigned supreme over the last three months.

A breakout below a floor of 60.00 on the RSI also contributed to the decline, with the index now tracking at 58.40.

In the event today’s decline continues in the coming days, it is possible that ETH could be heading towards a floor at $1,550.

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Will sentiment in cryptocurrencies be bullish or bearish this week? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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DeFi

Cream Finance exploiter moves $3.3M ETH in January

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Cream Finance exploiter moves $3.3M ETH in January

Cream Finance exploiter moves $3.3M ETH in January Oluwapelumi Adejumo · 50 mins ago · 1 min read

The Cream Finance exploiter transferred 365.7 ETH — worth $600,000 — to an unknown centralized crypto exchange TradeOgre, Peckshield tweeted.

1 min read

Updated: January 30, 2023 at 8:01 am

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Cover art/illustration via CryptoSlate

Blockchain analytical firm Peckshield tweeted that the Cream Finance (CREAM) exploiter transferred 365.7 ETH — worth $600,000 — to an unknown centralized crypto exchange TradeOgre on Jan. 30.

The exploiter had transferred 2,070 Ethereum — roughly $3.3 million — to the same platform since Jan. 9, according to Etherscan data.

The exploiter was moving funds from a $119 million exploit in October 2021, according to another blockchain security firm, Certik. At the time, the attacker used multiple flash loans to raise the price of yUSD and borrowed more assets than the attacker collateralized on the decentralized finance application.

TradeOgre exchange

TradeOgre is a small crypto exchange with minimal know-your-customer policy and anti-money laundering compliance.

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The exchange’s website shows that it focuses on privacy coins and there are no signs of an email address or a phone number for customer support. It’s Twitter account also appears deserted — last updated Nov. 28, 2022.

Posted In: Ethereum, DeFi

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Analysis

Bitcoin, Ethereum Technical Analysis: BTC Hovers Near $23,000 To Start The Weekend

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Bitcoin, Ethereum Technical Analysis: BTC Hovers Near $23,000 To Start The Weekend

Bitcoin started the weekend hovering near $23,000, as markets continued to react to personal consumption data in the United States. Figures released on Friday reported that spending fell by 0.2% last month, despite overall consumer sentiment moving higher. Ethereum remained close to $1,600 to start the day.

Bitcoin

Bitcoin (BTC) remained close to the $23,000 level on Saturday, as markets continued to react to Friday’s U.S. personal consumption data.

Following a high of $23,417.72 late on Friday, BTC/USD fell to an intraday low of $22,880.60 earlier in the day.

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This came as bitcoin was once again unable to break out of a key resistance level at $23,500, leading to a resurgence of bearish sentiment.

BTC/USD – Daily Chart

In addition to this, the 14-day relative strength index (RSI) has dropped below the 80.00 mark, and looks to be headed for a floor at 76.00

Should momentum continue in a downward direction, it is likely that BTC will collide with a floor at $22,400.

Currently, the index is tracking at 78.59, with BTC/USD trading at $22,930.60.

Ethereum

After a brief stint moving back above $1,600 late on Friday, ethereum (ETH) started the weekend once again below this level.

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ETH/USD dropped to a bottom of $1,568.69 on Saturday, less than a day after hitting a peak of $1,617.00.

Volatility in ethereum has been heightened in recent days, following a failed breakout attempt of the $1,645 level earlier this week.

ETH/USD – Daily Chart

Following weeks of being overbought, price strength has begun to decline, with the 14-day RSI now tracking below its floor at 63.00

As of writing, the index is at a reading of 62.50, with ethereum at $1,582, with a floor at $1,550 a possible target for sellers.

Register your email here to get weekly price analysis updates sent to your inbox:

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Do you expect cryptocurrency prices to fall further this weekend? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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