ETH Facing Crucial Support, Is Dump to $1000 Next? (Ethereum Price Analysis)

The FOMC-mandated 75bps rise had a negative impact on both traditional and cryptocurrency markets. Ethereum (ETH), fell 13% towards $1200, its lowest level since mid July.

Technical Analysis

By Grizzly

The Daily Chart

ETH trades in a critical support area between $1230- $1280 (in red) and the 0.618 Fib Level at $1210 (in blue). ETH gained 6% today after reaching the Fib level.

If this level falls in the coming days then $1000 will likely become the next important support. This scenario cannot be activated until ETH closes lower than $1,210. Alternately, $1420 (in red) is the next major resistance if bulls break out of the range.

If the candle closes above this level, then there is hope for a trend reversal. The upward move could be interpreted as a pullback if it does not close above this level.

Key Support Levels: $1210 & $1000

Key Resistance Levels: $1420 and $1650

Daily Moving Averages

MA20: $1536 MA50: $1633 MA100: $1468 MA200: $2016

The ETH/BTC Chart

Yesterday’s trading pair ETH / BTC closed below the 200-day moving mean line (shown in white) after more than two years. There is a good chance that support at 0.065 BTC (in red) will be retested due to the dominant bearish sentiment in the market.

This level will likely be defended by the bulls. If the price moves above the daily MA200 of 0.069 BTC, this scenario will not hold.

Key Support Levels: 0.065 & 0.06 BTC

Key Resistance Levels: 0.0.069 & 0.0.075 BTC

Analyse of the On-chain

ctive Addresses – SMA 30

Definition The total number active addresses that are unique, including the senders and recipients.

On-chain data shows bullish trends are often, but not always, followed up by an increase of active addresses on a network – which is a sign that there has been growth in on-chain activities.

This index has not changed much in the past few days. However, if this metric falls again, it will increase the chance of a price drop.

The post ETH is in Need of Crucial Support: Is It Time to Dump to $1000? (Ethereum Price Analyse) appeared first on CryptoPotato.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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