E Amazings – Money management
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

What Closing Costs Do Home Buyers Have?

February 25, 2023

What Is Realtek HD Audio Manager

February 2, 2023

A Basic Guide To Cell Tower Leasing

February 2, 2023
Facebook Twitter Instagram
E Amazings – Money management
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?
Facebook Twitter Instagram
E Amazings – Money management
You are at:Home»Crypto»Despite the Recent Drop, ETH’s Forming a Bullish Pattern
Crypto

Despite the Recent Drop, ETH’s Forming a Bullish Pattern

By September 1, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email

[ad_1]

After dropping to a monthly low over the past week, finally, the steep dive seems to be finding a local bottom. ETH saw a staggering 12% price increase over the past three days, touching a high of over $1600 as of yesterday (Wednesday).

Could this end up in breaking out above the falling wedge, which is textbook bullish?

Technical Analysis

By Grizzly

The Daily Chart

The bottom line of the falling wedge pattern (in yellow) has already supported the price three times. This pattern is technically bullish if and when the price breaks out of it. This is the second wedge that has been formed in recent months. The first turned out to be bearish (in light blue), causing the price to fall toward the horizontal support at $1420.

If the bulls can break above the horizontal resistance at $1,720 (in red) following a bullish breakout of the wedge, then a rally to reclaim $2,000 is expected.

Considering that the Relative Strength Index (RSI) is also moving towards the bullish area, there is a possibility that the bulls will regain control of the market again, as they did on July 15 (in white) when the pair rallied from $1,200 to $2,000. To confirm this scenario, ETH must break above and hold the $1720 level, along with a breakout of the RSI’s baseline.

Key Support Levels: $1420 & $1300

Key Resistance Levels: $1720 & $2000

Daily Moving Averages:

MA20: $1693
MA50: $1623
MA100: $1512
MA200: $2153

ETHUSDT - 1st Sep-min

The ETH/BTC Chart

The ETH/BTC trading pair chart reveals a double-bottom pattern (bullish). Horizontal support in the range of 0.072-0.073 BTC (in green) has been a barrier against the bears. The bullish momentum has increased compared to the recent rally.

If the bulls can push the price above 0.08 BTC, breaking the horizontal resistance at 0.082 BTC (in red) will become likely. Overall, optimism for the bulls can be witnessed by looking at the ETH/BTC chart.

Key Support Levels: 0.0.073 & 0.065 BTC

Key Resistance Levels: 0.083 & 0.088 BTC

ETHBTC - 1st Sep-min

On-chain Analysis

Exchange Inflow (Top10) – (SMA 7)

Definition: The total volume of the top 10 inflowing transactions to all exchanges. A high value indicates that investors who deposited large amounts at once increased.

A decrease in inflow (in green) has accompanied ETH’s upward trend in June and July to exchange by the top ten transactions, which are referred to as Whales. When the price reached the technical resistance, this index turned. This was probably due to profit taking by some investors.

At present, the slope is pointing downward again, and if it continues, it will likely be followed by price increase.

ETH - On-chain - 1st Sep-min

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



[ad_2]

Source link

Related Posts

Report With an Eye on Mutual Settlements with China, Russia To Launch CBDC Early Next Year: Report

By September 28, 2022

China Cracks Down a $5.6 Billion Crypto Money-Laundering Scheme (Report)

By September 28, 2022

Binance Launches Training Program For Law Enforcement Agencies

By September 28, 2022

FTX US President Brett Harrison Steps Down

By September 27, 2022
Add A Comment

Comments are closed.

Our Picks

What Closing Costs Do Home Buyers Have?

By Corbin BowenFebruary 25, 2023

What Is Realtek HD Audio Manager

By Corbin BowenFebruary 2, 2023

A Basic Guide To Cell Tower Leasing

By Corbin BowenFebruary 2, 2023
Recent Posts
  • What Closing Costs Do Home Buyers Have? February 25, 2023
  • What Is Realtek HD Audio Manager February 2, 2023
  • A Basic Guide To Cell Tower Leasing February 2, 2023
  • Air Duct Repair 101: Everything You Need To Know February 2, 2023
  • Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant January 5, 2023
  • The Flight Of The Dremel January 5, 2023
  • LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer January 5, 2023
Archives
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • September 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
Facebook Twitter Instagram Pinterest TikTok
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.