Ethereum
ETH Facing Huge Support Zone, Is More Blood Incoming? (Ethereum Price Analyse)
Just like traditional markets, crypto markets also reacted negatively to Powell’s speech yesterday. Market sentiment has turned bearish following the Federal Reserve’s announcement of a continuation of its hawkish policy. Yesterday’s selloff caused Ethereum to lose more than 12% in under 24 hours. Is more pain incoming?
Technical Analysis
By: Grizzly
The Daily Chart
Yesterday, the price of Ethereum dropped sharply against Bitcoin and the US dollar. The short uptrend that started on August 21 resulted in a sharp rejection once touching the $2K mark.
ETH then quickly lost the important support range of $1,700-$1,800, and as of writing these lines – trading below $1500.
The price fell sharply after it broke below the marked bear flags (as shown on the chart). Simultaneously, the price broke below the 100-day moving average line (in white). Currently, the average value of the 100-day chart is $1,531. The daily candle is being closed by bears.
With a lower low formation, the possibility of reaching the support zone at $1,280-$1,350 (in green) will become likely. Hope will return to the market only if the bulls can reclaim the $1,700 – 1,800 range.
Key Support Levels: $1500 & $1350
Key Resistance Levels: $1800 & $2000
Daily Moving Averages:
MA20: $1750
MA50: $1592
MA100: $1531
MA200: $2184
The ETH/BTC Chart
Against Bitcoin, the price rebounded from the horizontal support range of 0.072-0. 073 BTC (marked in green) and failed to form a higher high (marked in yellow). This is a warning sign that could lead to a bearish structure. This option is only valid if ETH falls below the green line.
The 50-day moving average (in white) is also nearby and likely to get retested. At 0. 065 BTC. If the price rises above the 0.01 mark, which seems unlikely, BTC will be a bullish option. 08 BTC, a bullish scenario of ETH/BTC becomes likely.
Key Support Levels: 0.0. 073 & 0. 065 BTC
Key Resistance levels: 0. 083 & 0. 088 BTC
Sentiment Analysis
Taker Buy Sell Ratio (SMA 14)
Definition: The ratio of buy volume divided by the sell volume of takers in perpetual swap trades.
Values greater than 1 indicate bullish sentiment. If the value is below 1, it indicates that bearish sentiment prevails.
Since August’s beginning, this index, which measures sentiments within the derivatives market has been below one. This indicates that more takers are filling sell orders. Although it has been slightly higher in recent years, it is not significant.
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Cryptocurrency charts by TradingView.
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