Ethereum Below $2000; Do We See A Relief Rally Soon?
12 Maio 2022 - 10:00PM
NEWSBTC
Ethereum has bled heavily owing to the aftermath of the crypto
crash. Prices of other altcoins followed suit as Bitcoin hangs
below the $30,000 price mark. Ethereum’s current price has hit a
new low in 2022. The altcoin had tried to pull off a brief recovery
a week back but the broader market weakness finally crept in and
caused it to dip further. At the time of writing, ETH is seen below
its major support line of $2500. Selling pressure had accelerated
as the increased fear index drove investors out of the market. From
the technical outlook, Ethereum is set to dip further and then
could stage a recovery above $2500. Ethereum’s long entry point
could be at $2500, with a stop loss at $2400 and profit between the
$3000 to $3100 price level, respectively. Ethereum Price Analysis:
One Day Chart Ethereum’s price were given support at the $2500
level for 43 weeks before they fell below the same. At press time,
ETH was trading at $1907. The coin had last touched this price
level in August 2021. A move below the $1900 level could be
expected and ETH might find temporary support at the $1700 area
before it makes a bounce back. The altcoin displayed a long
descending line (yellow), and at press time, ETH broke below the
descending line. Chances of price rebounding cannot be ruled out as
the coin is heavily discounted. For ETH to have a successful price
rebound, it has to reclaim $2500 and then $3000. Over the last 28
hours, ETH lost 8.8% of its market value and in the past week, the
coin depreciated by over 30%. Technical Analysis ETH’s price was
seen below the 20-SMA which made investors stay away from buying
the coin. A reading below the 20-SMA meant sellers were driving the
price momentum in the market. Bulls have tired out as ETH dipped
below its crucial support of $2500. The Relative Strength Index was
nearing the 20-mark which is considered heavily bullish as it marks
an intense sell-off in the market. The RSI last hovered around this
range in January, which points toward a multi-month low for the
indicator. Related Reading | TA: Ethereum Dives 15%, Why Close
Below $2K Is The Key Moving Average Convergence Divergence
indicated bearish signal on the chart. MACD underwent a bearish
crossover because it displayed growing red signal bars highlighting
a negative price action for the coin. On the flipside, a resurgence
of buyers can help push prices up briefly. Chaikin Money Flow
indicates capital outflow and inflows. The indicator was below the
halfline and that meant capital outflows were greater than inflows
at press time. Capital inflows have been negatively affected
because buyers have left the market. Related Reading | TA: Ethereum
Nears Breakout Zone, Why ETH Might Start Recovery Featured image
from Unsplash, chart from TradingView.com
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