ETH Price Analysis - Retests Upside at $2,000, But Long-Term Bear Remains

After a massive drop to $1,792 in the past 2 weeks, Ethereum price has started to recover. Now, ETH is trading above the $2,000 mark at the time of writing.  However, despite the subsequent upward impulse, the price of Ethereum has been trading in a narrow sideways channel throughout the past week.  In other words, ETH's volatility has indeed decreased, which indicates a strong market uncertainty at the moment.

 

Let's come to the fundamental aspect. Vitalik Buterin, the co-founder of the Ethereum blockchain platform has declared that he is no longer a billionaire after the dramatic wipeout of crypto fortunes.

 

Vitalik Buterin tweeted on Friday, saying that "Eventually you make a mistake in your beliefs, and (especially if you are in politics, but some other domains too) correcting that mistake means acknowledging that a previous version of yourself contributed negative value to the world."

 

He also discussed the tradeoffs between "open-mindedness" and "passion," while expressing support for the blockchain he helped create. "Note to trolls: no, ethereum was not a mistake," he wrote.

 

According to Bloomberg, in November 2021, his crypto wallet had assets worth $1.5 billion. Since then, the value of Ethereum has decreased by 55%, from a peak of $4,735 to $1,980 at the moment. However, in fairness, it needs to be replaced that not only Ethereum fell, but the entire crypto market as a whole. And so far, fundamental factors do not give prerequisites for expecting growth...


The total capitalization of the crypto market has remained virtually unchanged over the past week, as has the price itself, and currently stands at $2.59 trillion. And the share of the second largest cryptocurrency by capitalization is 19.10%.

 

Technical Analysis

Despite the global expectation of a further decline in the price of the entire crypto market, the price of Ethereum may rise in the coming days.

 

On the weekly price chart. Here, as we said, nothing has changed so far, the price has been moving down for seven weeks in a row and has not yet reached the oversold zone. At the same time, it is still too early to say that the price has “felt the bottom”.

 

ETH price was hold at a fairly strong support level of $1,930, which coincides with the Fibonacci level of 61%. It is not surprising that the price rebounded to this zone, after falling to $1,800 last week, and it is here that we are now seeing its "slippage". Further, we can see from the chart that if the price is destined to fall further, then the next support level may be the $1,100 - $1,200 zone.

we.png


Let's move to the daily price chart to see the opportunity in the coming days.Here we have marked the formed Bullish divergence between the price chart itself and the MACD and RSI indicators. Do not expect a strong breakout or price reversal as the market is still in a globally bearish trend. However, it is likely that the price could hit the now-resistance level in the $2,500 mark before another decline.

d.png

 

 

 



Demo

想進行練習嗎?到模擬交易使用我們的贈金

5000 USDT
聯繫我們
twitter Telegram

Technical support: [email protected]

風險提示 該公司為客戶提供的金融產品,包括差價合約(“CFD”)和其他復雜的金融產品。差價合約交易具有高風險性,因為槓桿可能會對您的資金狀況產生積極和消極的影響。差價合約交易並不適合所有投資者,因為可能導致投資資本的完全虧損。不要投資超過您能承受的範圍。在開始復雜的金融產品交易之前,請務必閱讀有關所有風險。

© 2019 Bex500. All rights reserved.

登入
谷歌驗證

忘記密碼? 找回谷歌验证

還沒有帳號?立即註冊
找回密碼
60秒後重新獲取
獲取
註冊帳戶
60秒後重新獲取
獲取
服務條款隱私政策
已有帳號?立即登入