Ethereum Must Hold $1,500 Or Risk A Decline To $1,300
03 Novembro 2022 - 2:00PM
NEWSBTC
Ethereum is on an obvious bull path given its performance in the
last couple of weeks. The digital asset took a turn for the better
more than a month after the Merge was completed and accumulation
among investors was already in full swing. ETH’s price eventually
surpassed $1,600 before encountering rejection and dropping down
below. Ethereum Needs To Hold $1,500 Now that the digital
asset has been beaten down back below $1,600, support has moved
lower. $1,500 is currently serving as the support level for
Ethereum at this point. This now makes it the level to hold for
bulls and the level to beat for the bears. Related Reading:
Institutional Investors Remain Bullish As Short Bitcoin Sees
Outflows If the digital asset is unable to hold this level and
bears are able to drag its price down below, then ETH will likely
see $1,300 on its way down. Below, $1,500, support is weak given
the recent sell-offs that have followed the recovery in price.
Thus, it lies just above $1,300 before the losses reach a block. As
for the current resistance, it still lies above $1,600 for any
significant pushback. This is because Ethereum’s price remains
firmly above its 100-day moving average, with a firm middle point
between this and the 200-day MA sitting at $1,800. Thus, bears
continue to fight to hold any level that could prevent such a
recovery. ETH continues to hold above $1,500 | Source: ETHUSD on
TradingView.com In addition to this, the sell-offs have been slower
than what was recorded back during the period of the Merge. This is
why despite an unfavorable announcement by the Fed on Wednesday,
there is still a lot of value left from last week’s gains in the
crypto market. Related Reading: Crypto World Meets Boris Johnson: A
Match Made In Heaven Or Hell? As long as there is no drastic shift
in investor sentiment at this point leading to massive sell-offs,
Ethereum is likely to continue holding above $1,500, at least for
the short term. The weekend performance will be another thing
entirely given that this is a period of low momentum for the
market. So the current indicators for ETH holding through Friday
and could deviate going into the weekend. ETH’s biggest
support still comes from investors holding out hope that the gains
recorded in digital assets such as Dogecoin will eventually spill
into the broader altcoin market. If so, then ETH could see a rally
above $1,600 once more before the weekend is in full swing.
Featured image from CNBC, chart from TradingView.com Follow Best
Owie on Twitter for market insights, updates, and the occasional
funny tweet…
Dogecoin (COIN:DOGEUSD)
Gráfico Histórico do Ativo
De Set 2024 até Out 2024
Dogecoin (COIN:DOGEUSD)
Gráfico Histórico do Ativo
De Out 2023 até Out 2024