Ethereum Price Analysis: ETH Is Still In Danger Amid the $1K Critical Level

The sharp decline in crypto market value over the past week is still shocking. In ten days, ETH lost approximately 45% of its value. The market is still in strong sellers, but the bears have complete control.

Technical Analysis

By Grizzly

The Daily Chart

ETH continues to fall within a descending channel (in red) during the daily timeframe. In May 2012, the channel’s bottom was reached. The channel’s bottom is nearing.

If sellers push the price down, bearish scenarios can result in the potential demand zone being between $700 and $900 (in green). If the area is reached, ETH could enter the accumulation phase.

The bullish scenario will see the price move towards $1,700 (in red) as static resistance. The strength of the buyers is what will determine if this resistance can be broken. This scenario is unlikely, given the current macroeconomic environment that has caused investors to doubt high-risk assets.

All eyes are now on the Federal Reserve’s efforts to control inflation.

Key Support Levels $1000 & $900 Key Resistance levels: $1300, $1500 & $1700

Source: TradingView

Moving Averages: MA20 MA50 MA100 MA100 MA200 MA200 MA20 MA20 MA50 MA50 MA50 MA50 MA50 MA100 MA100 MA100 MA100 MA100 MA100 MA100 MA200 MA200 MA200 MA200 MA20 MA20 MA20 MA20 MA20 MA20 MA20 MA50 MA50 MA50 MA50 MA50 MA50 MA50 MA50 MA50 MA100 MA100 MA100 MA100 MA100 MA100 MA100 MA100 MA200 MA200 MA200 MA200 MA200 MA200 MA20

The ETH/BTC Chart

The intersection of static (in red) and dynamic (in blue), at 0.05 BTC, has stopped further price drops. The current price volatility is below the first resistance of 0.055 BTC. The price of ETH against BTC could rise if the bulls are able to defend this support. It could then move towards resistance at 0.06 and 0.055 BTC respectively. These levels are Fibonacci Retracement levels (0.236, 0.382 and 0.5).

Key Support Levels – 0.050 BTC and 0.0.045 BTC Key Resistance levels : 0.055 BTC, 0.06 BTC

Source: TradingView

Analyse of the On-chain

Whale Transaction Count >1m USD (in purple). Deposit Transactions (MA30), (in yellow). Exchange Inflow (MA30), (in blue).

Source: Santiment

On-chain data charts show that both the amount of exchange inflow and deposit transactions to the exchange are still high. However, it has been slightly lower in recent days. Also, the number of whale transactions exceeding $1 million is on the decline. It is still not possible to determine if the selling pressure has been increased.

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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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