Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE
200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |
View more Headlines & Breaking News here, as covered by cryptopolytech.com
ETH Eyes This Level if it Crashes Below $1.6K (Ethereum Price Analysis) appeared on cryptopotato.com by CryptoPotato.
Ethereum’s price is struggling to break above a key resistance level following a substantial rally over the last couple of months. However, there are multiple support levels that could hold the price in case of a reversal.
Technical Analysis
By: Edris
The Daily Chart
On the daily timeframe, the price has failed to break above the $1800 level and the higher boundary of the large symmetrical triangle pattern.
The cryptocurrency appears to be facing rejection to the downside at the moment, with the 50-day and 200-day moving average lines available as potential support levels around $1550 and $1400. Furthermore, in case the market pulls back even deeper, the $1300 support zone would be a key area to watch.
The 4-Hour Chart
Looking at the 4-hour chart, recent price action becomes more clear. ETH is currently breaking below the $1650 support area, which could lead to a deeper decline toward the $1500 level in the short term if a valid breakout occurs.
The RSI indicator has also dropped below the 50% threshold, which points to the current seller’s domination and bearish momentum. Yet, the price could still move higher if the $1650 level holds. This could potentially lead to a break above the higher boundary of the triangle and a retest of the $1800 resistance area in the coming days.
Sentiment Analysis
By Shayan
Since 2018, the futures market has been essential in affecting Ethereum’s price. Therefore, examining its sentiment would be helpful in gaining insight into short-term price movements.
The Taker Buy Sell Ratio metric(with a 30-day SMA added) can be used to define the market’s perspective. Utilizing this feature, we can identify whether buying or selling pressure is significant, with values above one indicating bullish and below 1 showing bearish sentiment.
Simultaneously with the recent bullish trend of Ethereum, the metric was spiking, indicating a bullish sentiment in the market. However, the price entered a consolidation stage, causing a significant decline in the metric below one. As a result, it dropped to a new multi-month low, implying a dominant bearish sentiment.
The recent rally should be closely monitored in the weeks ahead to determine whether this was just another bull trap or a beginning of a new bull market, as sellers might dominate again.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
FEATURED ‘News of the Day’, as reported by public domain newswires.
View ALL Headlines & Breaking News here.
Source Information (if available)
This article originally appeared on cryptopotato.com by CryptoPotato – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.
We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.
CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.
First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!