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TA: Ethereum Avoids a Major Downtrend, Bulls Eye Crucial Breakout

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TA: Ethereum Avoids a Major Downtrend, Bulls Eye Crucial Breakout

Ethereum started an upside correction above $1,250 against the US Dollar, following XRP rally. ETH could gain bullish momentum if it clears the $1,400 resistance.

  • Ethereum started a recovery wave above the $1,250 and $1,300 levels.
  • The price is now trading above $1,300 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $1,385 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could recover further it clears the key $1,400 resistance zone.

Ethereum Price Recovers

Ethereum managed to stay above the $1,220 support zone. ETH started an upside correction above the $1,250 level after ripple’s xrp started a strong upward move.

Ether price was able to clear the $1,260 and $1,280 resistance levels. There was a break above the 50% Fib retracement level of the downward move from the $1,420 swing high to $1,220 low. It is now trading above $1,300 and the 100 hourly simple moving average.

It seems like the price is trading in a positive zone above the $1,320 level. On the upside, the price is facing resistance near the $1,380 level.

There is also a major bearish trend line forming with resistance near $1,385 on the hourly chart of ETH/USD. The trend line is near the 76.4% Fib retracement level of the downward move from the $1,420 swing high to $1,220 low.

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Source: ETHUSD on TradingView.com

The next major resistance is near $1,400 level. A clear break above $1,400 might start a decent increase towards the $1,450 level. Any more gains may perhaps open the doors for a move towards the $1,500 resistance.

Fresh Decline in ETH?

If ethereum fails to recover above the $1,400 resistance, it could start a fresh decline. An initial support on the downside is near the $1,330 zone and the 100 hourly simple moving average.

The next major support is near the $1,288 level. A downside break below the $1,288 support might spark another sharp decline. In the stated case, ether price might drop towards the $1,220 level in the near term.  Any more losses could increase selling and the price might drop to $1,150.

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Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,288

Major Resistance Level – $1,400

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Analysis

Bitcoin, Ethereum Technical Analysis: Market Volatility Remains High, As BTC Climbs Above $19,000

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Bitcoin, Ethereum Technical Analysis: Market Volatility Remains High, As BTC Climbs Above $19,000

Volatility in cryptocurrency markets remained high on Thursday, as markets began to consolidate following a recent red wave. Bitcoin was back above $19,000 in today’s session, with ethereum also rebounding following recent losses. As of writing, the global crypto market cap is up 2.43%

Bitcoin

Bitcoin (BTC) was trading higher on Thursday, as crypto markets marginally rebounded following yesterday’s sell-off.

The token rose to an intraday high of $19,688.34 earlier in today’s session, less than a day after trading at a low of $18,927.12.

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Volatility in bitcoin has been heightened in recent weeks, as markets reacted to rising inflation, as well as a stronger U.S. Dollar.

BTC/USD – Daily Chart

Looking at the chart, it appears that bulls are once again targeting a resistance point of $20,300, however they could face some obstacles in recapturing this point.

The obstacles will likely come in the form of the 14-day relative strength index (RSI), which is nearing a resistance of its own at 49.50

Currently, the index is tracking at 46.38, with BTC falling from earlier gains, and as of writing trading at $19,440.82.

Ethereum

Like bitcoin, ethereum (ETH) was, relatively speaking, also back in the green in today’s session, as it moved above $1,300.

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Wednesday saw ETH/USD slip to a bottom of $1,267.87, however this was short lived, with bulls taking the token to a high of $1,351.96 earlier today.

The move sees the world’s second largest cryptocurrency race past a resistance of $1,330, however volatility in the market still remains.

ETH/USD – Daily Chart

Since hitting earlier highs, ETH is now trading at $1,334.94, with traders attempting to keep the token from falling below the floor mentioned above.

This coincides with the RSI hitting a ceiling at the 41.00 level, which has led to an increase of price uncertainty.

If price strength moves beyond this level, then we could see ethereum continue to climb heading into the weekend.

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Do you expect further declines from ethereum in the coming days? 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 retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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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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Altcoins

Ethereum [ETH]’s latest mixtape may leave investors scratching their heads

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Ethereum [ETH]’s latest mixtape may leave investors scratching their heads

Ethereum [ETH], ever since the Merge, faced some massive selling pressure that came as a after-effect of the event. However, can the decline in the price of ETH open up the possibility of investors purchasing the alt at a discount?

Will ETH regain some interest?

Despite the events post the Merge, the reduction in token issuance could possibly induce a spike in Ethereum’s prices. This could depend on the demand for the token: whether it increases or decreases in the future.

Source: Messari

Furthermore, despite the volatility it witnessed, ETH still makes up a massive part of the crypto space. With more than half of the DeFI ecosystem still running on Ethereum, the altcoin has a long way to go.

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One of the positive indicators for Ethereum was the amount of revenue generated with the help of its network fees. At press time, this figure stood at $4.8 billion. Ethereum, thus, managed to outperform the rest of its competitors by a huge margin.

Source: Twitter

But that’s not all. The exchange reserves witnessed a decline as well. The decline in the exchange reserve indicated  that selling pressure stood at a low. 

A discount deal

Ethereum’s price movement in the past few days may have been a discounted deal for some. Whales, to be specific, seemed interested in ETH over the past few weeks.

There was also a been a spike in the development activity over the last few weeks. This implied that the team at Ethereum was constantly working on improving Ethereum’s technology.

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Source: Santiment

Even though all these factors allude to a positive future for the altcoin, Ethereum’s short term future looked bearish.

Proceed with caution

The Market Value to Realized Value (MVRV) ratio was on the decline over the past month. This indicated an extremely negative future for ETH’s prices. Ethereum’s market cap saw some dwindling as well, along with Ethereum’s velocity.

ETH”s velocity also saw a massive drop over the past couple of days. This means that the number of times ETH exchanged addresses also dropped drastically.

Source: Santiment

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Ethereum, at press time, was trading at $1,281.16 and depreciated by 6.66% over the past 24 hours.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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ETH

TA: Ethereum Price Just Reversed and $1,200 is Imminent, Here’s Why

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TA: Ethereum Price Just Reversed and $1,200 is Imminent, Here’s Why

Ethereum started a major decline from the $1,400 resistance against the US Dollar. ETH is moving lower and might even slide towards the $1,200 level.

  • Ethereum gained bearish momentum below the $1,350 and $1,320 support levels.
  • The price is now trading below $1,300 and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support at $1,290 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend its decline towards the $1,220 and $1,200 support levels.

Ethereum Price Dips Again

Ethereum attempted a decent increase above the $1,350 level. ETH even broke the $1,380, similar to bitcoin. However, the bulls failed to clear the $1,400 resistance zone.

A high was formed near $1,399 and the price started a fresh decline. There was a clear move below the $1,350 and $1,320 support levels. There was a clear move below the 76.4% Fib retracement level of the upward move from the $1,269 swing low to $1,399 high.

Besides, there was a break below a major bullish trend line with support at $1,290 on the hourly chart of ETH/USD. Ether price is also trading below $1,300 and the 100 hourly simple moving average.

On the upside, the price is facing resistance near the $1,290 and $1,300 levels. The next major resistance is near $1,325 level and the 100 hourly SMA. A clear break above $1,325 might start a decent increase towards the $1,380 level.

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Source: ETHUSD on TradingView.com

Any more gains may perhaps open the doors for a move towards the $1,400 resistance, above which the bulls could aim a strong increase.

More Losses in ETH?

If ethereum fails to climb above the $1,325 resistance, it could continue to move down. An initial support on the downside is near the $1,270.

The next major support is near the $1,240 level. It is near the 1.236 Fib extension level of the upward move from the $1,269 swing low to $1,399 high. A downside break below the $1,240 level might send the price towards the $1,200 support in the near term.  Any more losses could increase selling and the price might drop to $1,150.

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Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,240

Major Resistance Level – $1,325

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