![]() ![]() ![]() 886 Fib Retracement and the lower angle of the falling wedge. Looking ahead, the first strong support lies at $1,800. A clear break above $2,600 would provide the framework for a longer bullish run. It would need to rise beyond the July resistance at $2,365 to start to turn bullish. Ethereum price short-term prediction: NeutralĮTH still remains neutral, but a break beneath $1,800 would turn it bearish in the short term. However, with the increased selling pressure from BTC, it would not be surprising to see ETH breaking the downside of this wedge. A falling wedge is typically bullish and usually breaks toward the upside. Since breaking $2,000, Ethereum has cleared a clear falling wedge pattern. It fell beneath the 200-day MA and the $2,000 support on Tuesday as it started to plummet. On Monday, Ethereum penetrated the $2,075 support and dropped into the 200-day MA. 236 Fib Retracement level.įrom there, ETH dropped lower but managed to maintain support at $2,075, provided by a. The coin was pushing higher at the start of July but was unable to break resistance at $2,365, provided by a bearish. Looking at the daily chart above, we can clearly see the troubling week Ethereum witnessed. Let us continue to take a look at the markets and see where they might be heading. Typically, when a coin leaves the exchange, it signals that the owner is planning on holding the asset for a longer period, and they are not available to immediately sell on the open market.ĭespite the promising on-chain metrics, this week’s price drop has caused the total market cap value for Ethereum to fall beneath $220 billion as it sits at $217 billion. However, when we look at the fact that the network is about to undergo major upgrades on the road to ETH 2.0 by the end of the year, it is no surprise that whales are starting to accumulate heavily.Īdditionally, it seems that the retail investors are also taking a long-term bullish stance on Ethereum as the total supply on exchanges dropped under 18% this week, reaching the lowest level of liquidity on exchanges since November 2018: The confidence in Ethereum by whales is quite staggering. The last time the top-10 ETH addresses held so much of the supply was back in May 2017, when they held just 20.54%. The top-10 largest ETH addresses now actually hold almost 20.58% of the overall Ethereum supply, according to data from Santiment: All eyes are resting on the next major support at $1,800.ĭespite the substantial price drops this week, it seems that whales are pretty bullish on Ethereum. The coin is now trading inside a falling wedge pattern which is typically bullish when they break toward the upside. It broke back beneath the 200-day MA level on Tuesday as it plummeted beneath $2,000. Against Bitcoin itself, Ethereum broke the 100-day MA as it battles around ₿0.06Įthereum is down a very sharp 11.5% this week as the cryptocurrency breaks beneath $2,000 to hit $1,860.The coin is now trading inside a falling wedge pattern, which is usually bullish on the breakout.Ethereum is down a sharp 11.5% this week after breaking beneath $2,000 and reaching $1,860.
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