The Prince of Cryptocurrency Is Still Hectic About $1,000 Support! While the path towards the $1,400 resistance appeared to be open for Ethereum (ETH), the weekend and Monday sessions did not produce the outcome that many investors were holding on to. Therefore, the threat of a break below the $1,000 support remains. With the fear of seeing the current uncertainty in the financial markets exacerbate again, if inflation continues to move.
Technical analysis over the past few weeks is showing a fragile stability with ETH price dropping slightly above $1,000. So much so that the bear race since the last ATH in November 2021 could face two scenarios: relief through a technical bounce after several episodes of tension or an extension of the current momentum that heralds a potential capitulation.
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Ethereum in Weekly Units – 4th consecutive week above $1000
Although Ethereum prices have undoubtedly faced the worst difficulty in regaining their momentum, Despite everything, they just completed the fourth week in a row after the $1,000 support. What brings a bit of optimism to this downtrend is taking root as the market context struggles to extricate itself from the gloom around it.
And if we want to go in that direction, the gap between ETH and Tenkan price is quickly closing in favor of the second that doubled its drop below the $1700 resistance. This may indicate that the downside pressure since the last failure below the $3,400 resistance will start to fade. Thus, crypto investors will be reassured to see a technical recovery, at least temporarily.
On the other hand, the price position of Crypto Prince and Chikou Span compared to Kumo (Ichimoku Cloud) is still worrying, despite the good performance at $1,000. Especially as they find themselves far from the bottom line of the future cloud, Senkou Span A (SSA). finally, Another point of concern is the weekly Kijun which sees its curve flat near the $2300 support. And the assumption that it could act as resistance in the same way $3,400 during the first quarter would make us fear the same fate.
After nullifying its double bottom below the $1250 resistance, Ethereum price is dropping. At the moment, Monday’s candle closed on the daily Kijun, then today’s candle opened at the same level of one of the Ichimoku curves. A crash will inevitably lead us towards the $1,000 support. With the idea of providing a triple bottom in the event of a new boom or something still out of the question at the end of last year, ie Three numbers support about $700.
but, Prince’s deferral from the cryptocurrency around the $1,000 support since last June 13 has allowed prices and Chikou Span to approach Kumo. This would push in favor of a possible bullish chart formation. Even better, we can get away with it, if ETH price rebounds from Kijun and later overtakes Tenkan. From then on, they will hold all chances of breaking the $1250 resistance to join the $1400 resistance. In favor of certain circumstances, a reconnection in the amount of $1,700 will not be excluded. This will coincide with the return of prices within the cloud.
Although some form of Ethereum price stability is said to be arising on the all-important daily unit support, investors should continue discounting the end of the bearish wave since the last ATH in November 2021. If $1,000 remains on hold and then moves forward again, this will not Sellers worry. Precisely because the true levels of reversal remain far away.
On the other hand, a remontada from the picks will be needed to return near the descending line. On the other hand, its cross will not even constitute an end in itself regarding the future trajectory of the Kumo in weekly units. Hence the importance of being patient in the hope that the bear’s run will end up running out of fuel. In this case, it may be worthwhile to move forward in the absence of a clear improvement in both the charts (especially in the weekly units) and the mitigation of the main risks.
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