Ethereum Could Tank Further; Here’s What The Charts Say
20 Mayo 2022 - 08:00PM
NEWSBTC
The bear market has been quite harsh to all major altcoins
including Ethereum. Over the past 24 hours ago, the coin dipped by
4%. In the last week however, Ethereum tried to stage a recovery.
The bears continued to drag prices down despite that. Buyers of
Ethereum have tried to remain calm throughout most of the
downswing. The consistent push by the bears have caused the altcoin
to experience less to almost no recovery. The technical of the
coin also pointed towards further fall in price before
Ethereum starts to rise on the chart again. In the recent
developmental front, the altcoin has announced for its possible
merge to happen in the month of August this year. It is to be seen
if the altcoin’s price reacts positively to this news. A likeliness
of a trend reversal cannot be ruled out as the chart below depicts
it. Ethereum Price Analysis: One Day Chart Ethereum was exchanging
hands at $1900 at the time of writing. Continued fall below the
current price level would cause the coin to trade at $1700. If
buyers continue to remain scanty the coin could note a further 30%
downfall and trade near $1200. On the flipside the coin can trade
above the $2000 mark slightly and then attempt to trade above the
$2200 mark. The volume of Ethereum traded was still seen in red
because bearish pressure had not declined in the market. Technical
Analysis A chance of a possible downswing cannot be ruled out
because the one day chart depicted at death cross. A death cross
occurs when the short term moving average is below the long term
moving average. On the SMA, 20-SMA was seen below the 50-SMA
indicating weakness of ETH’s price in the market. ETH’s price was
below the 20-SMA line because sellers were driving the price
momentum in the market. The Relative Strength Index was also weak
in accordance with other techincals. RSI was below the zero-line,
just above the 20-mark. This reading meant sellers preceded the
number of buyers heavily at the time of writing. Moving Average
Convergence Divergence depicts the price momentum of the market.
MACD flashed red histograms beneath the zero-line which indicated a
continued bearish price action for the coin. Awesome Oscillator
also demonstrated green histograms below the half-line, in
accordance with the MACD. AO flashing histograms below the
half-line indicated a sell signal for Ethereum. Related Reading |
Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles To
Recover Possibility Of A Price Reversal? Ethereum formed a falling
wedge pattern on the one day chart. A falling wedge pattern in
associated with a change in current price action or a trend
reversal. At the moment Ethereum was on a bearish price momentum.
As falling wedge pattern was formed chance of the coin rebounding
cannot be ignored. In case of a northbound movement, first
resistance was at $2093 and then at $2200 respectively. For the
bearish stance to be invalidated, Ethereum needs to trade above the
$2900 mark. Related Reading | Ethereum Prepares For Ropsten Testnet
Merge As Token Struggles To Hold $2k Support Featured image from
UnSplash, Charts from TradingView.com
Ethereum (COIN:ETHUSD)
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