Ethereum Price Looking At Possible Downward Shift – More Headaches Ahead For ETH?
09 Outubro 2022 - 8:08AM
NEWSBTC
The post-Merge landscape of Ethereum took many by surprise; the
figures and the outcome weren’t something they had in mind. Bad
macroeconomic conditions and other negative factors overshadowed
what was expected as a breakthrough. It was, in some ways, but the
fanfare pre-Marge was so hyped up, until a few days following the
event. The optimism that had been building up in the days leading
up to the CPI report, which ultimately brought down the broader
financial markets, was wiped out in the fall on September 13.
Related Reading: Meme Coin Wars – Floki Inu Vs. Dogecoin And Shiba
Inu – Who Wins? Ethereum (ETH) Feeling Fed Hike Stress This Early?
As of this writing, Ether was down as it was reported that a
further 75 basis point hike in interest rate by the U.S. Federal
Reserve is possible in November if economic conditions don’t
improve. ETH, this early, could be starting to get stressed with
the Fed’s looming rate bump. The chart suggests that ETH may
be in for more losses, but what does it actually show? Chart:
TradingView.com If the graph is any indication, things aren’t
looking so rosy. Since September 19th, the altcoin has traded
between $1,408.15 and $1,219.29, with support located at the 61.80
percent Fibonacci retracement level, now at $1,265.02. The bull
bear power indicator has formed a downward pointing at the time of
writing. This may indicate that it will be even more challenging
for prices to rise above the $1,384.77 resistance level. Since
September 15th, the center of the Bollinger Band has been providing
dynamic resistance. Related Reading: BNB Holders Should Brace For
This Trend Reversal – Happy Days Over? The indicator also revealed
the formation of a crunch zone, making a price move over $1,384.77
more difficult. The 20-day to 250-day simple moving averages are
all acting as resistance levels, adding to the downward pressure on
the altcoin. The intraday chart displays a falling triangle
formation. In light of the aforementioned, this may indicate to
investors and traders that a further correction may occur in the
near future. With present market pressures, a market correction
might push the price down to $1,220.35, a 10% decrease. Speculative
Bullish Run – How This May Transpire If the support at $1,265.02
holds, the resistance at $1,384.77 could be retested. This
hypothetical rise is supported by the Chaikin money flow index,
which indicates the market is still dominated by buyers to some
extent. Bullish investors can use the CMF as a springboard and a
strength boost for the previously mentioned weak support line. Even
if the momentum indicator is bearish, it is creating a slow rise.
These variables can assist the price eventually reach the $1,384.77
resistance level and break through it, allowing a rebound to occur.
If today’s trading session ends on a poor note, investors and
trailers can participate in the price rebound by buying the dip.
ETH total market cap at $162 billion | Featured image from
Kryptografen, Chart: TradingView.com
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