Report Shows Ethereum Might Take Another Hit, Is It Possible?
2022年9月21日 - 04:54PM
NEWSBTC
Though volatility is a core attribute of cryptocurrency, the swing
is quite excessive for Ethereum. The price movement for Ether was
progressive from the beginning of the second of the year. ETH
gradually surged over the $1,800 level before the Merge. To some
reasonable extent, the positive sentiment surrounding Ethereum’s
transition from PoW to PoS contributed to the surge. As a result,
several participants in the crypto industry tilted towards the
second largest crypto asset by market cap. Related Reading:
Ethereum Price Is Declining Following The Merge, Vital Trading
Levels To Follow The token recorded a huge increase in its trading
volume and other Ethereum derivatives over the period. However, the
launch seems to come with a bearish trend for Ethereum. Just some
hours following the Merge, ETH started a southward movement. The
increasing selling pressure depleted the value gradually as the
price kept decreasing. Through the past weekend, Ether plummeted
below $1,300 as it lost sustainability on some supportive levels.
Is Another Ethereum Correction Underway? There’s a hint for a more
bearish pattern from the Ethereum technical chart. This implies the
possibility of another correction of 25% from its current price,
which hovers around the $1,350 region. So, ETH might dip further to
$1,000. Based on the last report for the US CPI data for August,
there’s an indication of a rise in the inflation rate. However, the
response from the crypto assets has been very unfavorable. The FOMC
(the Federal Reverse System’s monetary policymaking body) has
scheduled its meeting for Wednesday, 21, 2022. But the entire
crypto market is already feeling aggressive selling pressure before
the outcome of the FOMC meeting. The analysis of the Ethereum price
charts indicates a drastic drop below the token’s standard
deviation. On the higher side, the price of ETH could not cross the
hurdle at the $1,800 region. Also, the downtrend shows that Ether
went beyond its critical support of $1,340. Hence, the overall
technical implication is that the deviation from support levels has
the risk of a downtrend. Related Reading: Bitcoin Dominance Reaches
All-Time Lows As The Merge Nears This is primarily because
Ethereum’s deviation is below the regression channel from the lows
as of June. The token is now exposed to the third deviation retreat
of $1,250. With that, ETH could hit the next possible support level
of $1,000. ETH Derivatives And Liquidations According to data from
Deribit, the number of Ethereum put, and call contracts has
skyrocketed. Its open interest ranges between $1,000 and $2,000,
with expiration by the end of September. The range could mark the
possible trading value for Ether. There have been more liquidated
positions as the price of Ether increases. As of yesterday, the
entire crypto market recorded over $400 million in liquidations. At
the time of writing, data from Coinglass shows that Ethereum has
over $58 million in liquidated positions within the past 24 hours.
Featured image from Pixabay, Chart: TradingView.com
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