Ethereum overtakes Bitcoin, ETH recovers most losses from lightning shocks
The price of the cryptocurrency Ethereum (ETH), like the largest cryptocurrency market, suffered a massive drop during the early trading session around midnight on Saturday.
Ethereum’s price performance on Saturday was spectacular. Considering that most of the altcoin market has fallen by 15-20 percent, Ethereum’s daily close of just 4% is a testament to its strength.
Ethereum recoups almost all of its losses, easily outperforming most of the market
The price of the cryptocurrency Ethereum (ETH) has suffered one of the fastest and deepest lightning crashes since May. The timing of the collapse couldn’t have been more perfect: midnight Eastern Standard Time (New York). The bears could push Etheruem to the $ 3503 price level before a bullish reversal occurs.
The two main support levels keeping the Ethereum (ETH) cryptocurrency price higher are Senkou Span B at $ 3,700 USD and the third highest volume node in the 2021 volume profile at $ 3,410 USD. Although he is very optimistic in the short term, indecision and downside risks persist.
Despite the massive rally, the price of Ethereum remains within the Daily Cloud, an area plagued with indecision, volatility, and missteps. The cloud is where business accounts go to die. Etheruem needs a daily close at or above the $ 4650 USD price level to become a full-blown bull market.
Ethereum price is more bearish here, especially with Chikou Span below candles and in open spaces. The breakout of the bearish flag on the Relative Strength Index adds to the bearish outlook. However, the final oversold level of 40 on the Relative Strength Index may provide some support.
Ichimoku Ethereum weekly chart (ETH / USD)
The threshold that bears must reach in order to convert the price of the cryptocurrency Ethereum (ETH) into a bear market is a much more manageable price range than to convert it into a bull market. For example, while Ethereum needs a 15% move above $ 4,000 to become a bull market, short sellers only need a 7% move below $ 4,000 to turn Ethereum into a bear market. .
Any daily close at or below $ 3,700 USD would put Ethereum below the cloud and in bear market territory.
Pair Jonathan Morgan, FXStreet
Jonathan has worked as an independent futures, forex and cryptocurrency trader and analyst for 8 years. He has also been writing for 5 years. He is one of Quora.com’s “most viewed writers” in the trading and technical analysis categories.
The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you need to do your own research when making a decision.
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