ETH crashes by 6 % a day, is $ 1,500 the next goal? (Ethereum price analysis)
ETH crashes by 6 % a day, is $ 1,500 the next goal? (Ethereum price analysis)
The price of Ethereum has recorded a decline in the past few days after not exceeding the $ 2,000 mark. However, it is currently testing an important level of support and its reaction to this is expected to have a significant impact on the performance in the coming months.
technical analysis
from: edris
The daily chart:
In the daily time frame, the price of Ethereum was rejected by the sliding 50-day average at around $ 1,850 and then fell below $ 1,800. The price is currently experiencing down dynamics, but finds support near the sliding 200-day average by $ 1,600.
The sliding 200-day average is a strong indicator of the overall trend, and if ETH falls underneath, this would indicate a continuation of the declining market mood and possibly lead to a decline towards the $ 1,300 brand.
If the price recovers from the above average and both the $ 1,800 mark and the sliding 50-day average break through, there is a high probability that Ethereum towards the level of resistance will increase at $ 2,300 and possibly even higher.
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The 4-hour diagram:
On the 4-hour chart, the Ethereum price has recorded a quick decline in the past few days after it was rejected by the $ 1,900 brand and the upper border of the large-falling wedge pattern.
It is currently testing the lower trend line of the pattern, which is around $ 1,600. A falling below would have serious consequences for the price.
The RSI indicator, however, indicates that the market is oversold, which indicates the possibility of a possible withdrawal, consolidation or even an interest bully reversal from the current area. However, the result will depend on whether the price can remain at the current level or whether it falls further.
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mood analysis
by: edris
Ethereum Taker purchase/sales ratio
The price of Ethereum has experienced a downward trend after not exceeding the $ 2,000 mark. In order to gain insights into the reasons for this behavior, an analysis of the mood at the appointment market can be revealing.
The metric "Taker Buy-Sell Ratio" shown in the diagram examines with a sliding 100-day average whether buyers or sellers carry out their perpetual futures orders more aggressively, i.e. h. Get in at the market price instead of determining the limit order.
It is obvious that the key figure fell below 1 when the price approached $ 2,000, indicating that empty sellers began to dominate the market and actively sell Ethereum. This contributed to the price pressure. Although the ratio has recently recovered slightly, as long as it stays under 1, there is still potential for another price movement.
Cryptoquant
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