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»The Level That’s Likely to Be Ethereum’s Potential Reversal Zone
Crypto

The Level That’s Likely to Be Ethereum’s Potential Reversal Zone

By June 19, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email

[ad_1]

After ten weeks of red, the bears were able to push the price below $1,000 yesterday. They managed to advance below $900, but the market saw a quick recovery and reclaimed on top of the covered $1K mark. However, things are still very fragile.

Technical Analysis

Technical Analysis By Grizzly

The Daily Chart

On the daily timeframe, ETH has reached a support zone lastly tested on January 2021. Despite the severe drop, of over 30% this week alone, the bearish momentum is still high: The consecutive weekly red candlesticks indicate the bear’s complete dominance in the market.

Examining the chart below, the support zone in the range of $700-$880 is considered the area that currently has the potential to reverse the trend in the short term. Hence, buyers are likely to seek entrance to the market in this area.

If a reversal plays out, we can expect the price to increase and retest the horizontal resistance at $1300. However, because ETH had experienced a sharp drop, it shouldn’t be so easy to start a new healthy uptrend so soon.

Key Support Levels: $880 & $700

Key Resistance Levels: $1300 & $1500 & $1700

Moving Averages:

MA20: $1536
MA50: $1932
MA100: $2490
MA200: $2871

The ETH/BTC Chart

On the BTC pair chart, the price of ETH against BTC fluctuates between 0.05 BTC and 0.055 BTC over the past ten days. The intersection of the descending Line (in yellow) as support and the horizontal support at 0.05 BTC (in green) so far proved themselves as strong support levels.

In the following chart, the area considered Potential Reversal Zone (PRZ) is in the range of 0.045-0.05 BTC. On the other hand, the trend can be reversed when buyers are finally able to push the price above the horizontal resistance at 0.064 BTC.

Key Support Levels: 0.050 BTC & 0.0.045 BTC

Key Resistance Levels: 0.055 BTC & 0.06 BTC

On-chain Analysis

Supply Outside Of Exchange

As shown below, when the supply of ETH outside of exchange drops, a price reduction is often followed. This supply will likely get deposited into the exchanges, increasing the selling pressure.

At present, this metric continues its downward trend. Therefore, the selling pressure is expected to persist until this slope is inverted.

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.