ETH stable over $ 1300, but can the bulls soon push towards $ 1.4,000? (Ethereum price analysis)
ETH stable over $ 1300, but can the bulls soon push towards $ 1.4,000? (Ethereum price analysis)
Ethereum has had a nice run in the past few days because the price is slowly but steadily moving up. However, market participants should remain careful because there are other obstacles to cryptocurrency to form a persistent rally.
technical analysis
from: Edris
the daily -type
In the daily time frame, the price finally exceeded the sliding 50-day average after weeks of talent. The resistance area of $ 1300 was currently broken up because the interest bully momentum does not allow.
In the event of a confirmed outbreak, the sliding 200-day average, which is located around $ 1400 mark, would be the next significant resistance brand. An interest bully outbreak over the average average mentioned would probably put the mood into a more positive state, and a short -term upward trend would be very likely.
However, there is still the possibility of a declining rejection that could lead to the price in the direction of the $ 1000 area if the sliding 50-day average, which tends around $ 1200, does not offer strong support. Tradingview
The 4-hour diagram
If you look at the 4-hour time frame, further signs of concern are visible. Although the price has risen quickly in the past few days, it still has to reach the resistance brand of $ 1350. His reaction to the level mentioned would provide information about what the next few weeks would look like for Ethereum and whether there would be a recovery or a new decline.
The RSI indicator, which has been in the overbought area for some time, also shows a clear overbought signal, which further improves the likelihood of rejection and a declining reversal in the coming days. Although the trend in this time frame looks greatly interest bullies, some important warning signals indicate a possible soon -to -be.
Tradingview
mood analysis
from: Edris
ETH Open Interest
2022 was a cruel year for risk systems, especially on the cryptom market. Ethereum has lost more than half of its value, but has recently been relatively resistant compared to Bitcoin, since it has not formed a new lower low in the latest crash and may be higher at short notice.
This diagram shows the Open Interest of the ETH, which is one of the most valuable metrics for evaluating the mood on the futures market. The higher the value of OI, the higher the short -term volatility risk on the market is expected. If you look at the chart, the open interest recently oscillates at a close range, without increasing significantly, which indicates conservative behavior at the appointment market.
This can be interpreted as an interest bully sign, since a lower volatility would attract more investors back onto the market and a spot purchase pressure would probably lead to a more sustainable price increase. While OI could change massively in a short time, it looks much safer to reinvest the second largest crypto Coin than a few months ago.
Cryptoquant
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