recovery in progress – The Cryptocurrency market So fickle, we can see it again. The second cryptocurrency has increased by 80% after several months of decline. After a quick break from the $1,000 threshold, Ethereum is trying to get back to $2,000. About two months after the final update Merger, Ethereum Can it still make a new ATH? Ethereum appears to be solid, and some elements suggest that Ethereum hasn’t said its last word!
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Ethereum Weekly: Back to $1900?
You will never get bored in the cryptocurrency market. While some specialists have turned to Ethereum in 400 dollarsthe protection of Vitalik Buterin is in his direction weekly resistance:
On a weekly basis, Ethereum rebounded well at a level Arch $970 And took the opportunity to change the dynamics to weekly. In fact, according to the Dao Theory, it owns Ethereum opposite direction After several months of decline.
resistance 1900 dollars The price can be rejected if the buyers fail to beat the sellers. This is the area where sellers can take back control, and we have to be vigilant. In addition, the RSI is close to downtrend line It started last May. Sooner or later this trend line will give way and this will release its strength to the buyers, but there is no indication that this will happen in the coming weeks.
If we want to celebrate the transition from Proof of Work to Proof of Stake, buyers will have to push to do so It yields the weekly resistance and the descending trend line on the RSI. Domain re-integration $1900 – $3900 It’s going to be exceptional, but we’re not there yet.
On a daily basis, Ethereum is approaching double resistance
On a daily basis, Ethereum is approaching a double resistance:
- The Resistance at $1750 (red) can to reject the lesson. This is an important resistance, as it is located at the weekly resistance level.
- The first stop (0.382 Fibonacci retracement). This is the level that must be crossed in a downtrend to be able to believe that a bounce is not an easy thing to do false bounce. fall almost 1700 dollars.
If the course succeeds in freeing itself from resistorsthe price can return to the shorts recharge area located between 2500 dollars And the 3400 dollars. The downtrend line (brown) can also be resistance in reload area (0.618-0.786).
At the momentum level, the RSI is in agreement with the rising prices. There are no signs of slowing down at this time.
Ethereum continuation in the short term
Ethereum just cracked a file ascending right triangle Above:
The ascending right triangle has just broken and looks like it is ready to reach the aforementioned resistance at $1750. The price is likely to return to the support level of Support validation. a Rejection is likely to be at the resistance level-You have to be careful.
Ethereum re-enters the range for Bitcoin
was an assumption in This article on Ethereum. This hypothesis was verified, the range was not broken, there was only wrap As it was at the end of 2021:
While the majority of players thought the scale had ebbed, Ethereum decided otherwise. The salary Back in the news and the price is currently stumbling against downtrend line. It will be necessary to break it and break the range on the rise of Ethereum to continue Outperform The Bitcoin.
When Ethereum outperforms Bitcoin, Altcoins can express themselves completely. This is a sign of a bull market, because it means that players are ready for it They risk their capital in assets with little capitalization. This has not yet happened, but this reintegration remains very positive in light of the consolidation.
Momentum is breaking right now downtrend line It started in May 2021. This is another very encouraging sign of continuing events. We’ll have to stay on top of this in the coming weeks.
Ethereum in the Derivatives Market: Binance’s Perpetual Contract
permanent contract of Binance It is the contract that generates more the sound. It is interesting to study it to realize Actor’s behavior. there he is :
Since the beginning of May, the price has fallen by more than 70% The number of open positions increased by more than 100%. Since funding is globally neutral, it is complicated to have indicators regarding the behavior of actors. one thing is certain, Falling did not allow to restore open interest to the right levels.
Interestingly, open interest decreased significantly when price broke through resistance at 1250 USD. The The long / short ratio fell sharply It appears that the actors were betting lower during the above range 1000 dollars. This may lead us to believe that the decrease in open interest is due to shorts clearance sale. Does the cycle return to? 3000 Dollars To bring open interest back to the right level? It’s a bit too early to tell.
Ethereum It may rise again in light of the merger due to arrive on September 19, 2022. We’ll see if the famous saying “buy the rumor, sell the news” (buy while the rumor, sell when the news is sorted) gets examined again. In the meantime, Ethereum is re-entering the band for Bitcoin Encouraging signs are emerging for the coming weeks. It is entirely possible to see Ethereum return to $1,900 in the coming days or weeks. Please note that the level of buyer retention is $1250. If this level is lost, then there is a high chance of reaching a new bottom.
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