Range Breakdown Signals Longer Correction For ETH – Crypto News – Crypto News
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Range Breakdown Signals Longer Correction For ETH – Crypto News

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2 years ago

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Published 10 minutes ago

Ethereum Price Prediction: The Ethereum (ETH) price Consolidated between the $1300 and $1238 levels for nearly a week. However, the sellers benefited from the current market uncertainty and breached the lower support. This range breakdown releases the bearish momentum and triggers a longer price correction.

Key Points:

  • A bearish reversal from the $1300 resistance may trigger a sideways trend in Ethereum.
  • The RSI indicator, which accentuates the speed and magnitude of the asset’s recent price, has entered the bearish territory.
  • The intraday trading volume in Ether is $6.1 Billion, indicating a 21% gain.

TradingView ChartsSource- tradingview

The recent recovery in the crypto market pushed the Ethereum price to a high of $1300. Hitting the psychological resistance, the altcoin triggered a minor pullback and retested the flipped support of $1238.

While the market sentiment remains uncertain, the ETH price continued to wobble between these aforementioned levels and created a narrow range. However, today, the long bearish candle accounted for a 3.35% loss and breached the $1238 support.

The bearish fallout indicates the sellers’ attempt to regain the trend and undermine the recent recovery gains. Furthermore, the Ethereum price currently trades at $1229 and should offer a daily candle closing to confirm this support breakdown.

This development will accelerate the bearish momentum and plunge the price 6% down to hit $1160 support.

Global In/Out of the Money metric

GIOMSource- intotheblock

Concerning the current Ethereum price, the Global In/Out of the Money (GIOM) on-chain metric indicates that 48.28% of ETH addresses are in the money and realize profits, whereas 46.75% are out of the money addresses witnessing losses.

However, the aforementioned levels are quite close to being considered as neutral market sentiment,

The nearest green cluster with a mean value of $1016 indicates an area of ​​accumulation; meanwhile, the red cluster with $1362 accentuates a strong resistance.

technical indicators

MACD: the MACD and signal lines narrowing reflect the bullish momentum is losing steam. Furthermore, a possible bearish crossover between these slopes offers a sell signal.

EMAs: The Ethereum price loses the 20-day support with the recent price drop, offering an additional confirmation for sellers to lead the prices lower.

Ethereum Coin Price Intraday Levels

  • Spot Rate: $1229
  • Trend: Bearish
  • Volatility: Moderate
  • Resistance level- $1300 and $1420
  • Support levels- $1160 and $1100

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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