Ethereum Price Faces Sell Off, How Far Is The Correction Going To Go?
28 Août 2022 - 3:00AM
NEWSBTC
Ethereum price registered a fresh decline on its chart over the
last 24 hours. The altcoin declined by 7% over the past day. In the
last week, ETH fell by 9% and started to trade below the support
level of $1,520. The broader market weakness could be blamed for
most major altcoin’s southward movement on their respective charts.
Ethereum price was trying to hold itself above its immediate
resistance, the altcoin met with a significant sell-off. Technical
outlook for the coin also pointed towards bearish strength. Buyers
exited the market as soon as ETH failed to defend the immediate
support level. ETH might continue to fall on the chart if the coin
doesn’t manage to trade above the $1,400 price level. Bitcoin
plunged to the $19,900 price mark which caused sellers to become
active in the market. A fall below the $1,400 level will cause the
Ethereum price to rest at the $1,367 level. Broader market support
and buying strength will be needed in order for the altcoin to
break its bearish thesis. Ethereum Price Analysis: Four-Hour Chart
ETH was trading for $1,470 at the time of writing. The altcoin had
tried recovering on its chart and the current price movement could
be a correction. The selling pressure strengthened after Etheruem
price fell below $1,500. The immediate support level for the coin
stood at $1,400. If Ethereum remains above the $1,400 level,
further losses could be prevented however, the coin will still not
be out of the woods. Until Ethereum price moves above the price
ceiling of $1,500, bearish price action will remain on the chart.
The amount of ETH traded declined which indicates increased selling
strength. Technical Analysis ETH was oversold on the four-hour
chart. Bitcoin’s sudden excessive sell-off had caused buyers to
lose confidence in the asset and major altcoins followed the same
path. The Relative Strength Index was below the 20-mark and this
signified oversold conditions for the coin. Ethereum price was
below the 20-SMA line and that meant sellers were driving the price
momentum in the market. Related Reading: TA- Binance Coin (BNB)
Loses $300 Key Support, Are Bears Taking Over? The altcoin’s
selling strength increased over the last 24 hours. The coin was
oversold and other technical indicators also depicted sell signal.
Moving Average Convergence Divergence displays price momentum and
also the chances of a reversal. MACD underwent a bearish crossover
and formed red histograms under the half-line which are sell signal
for the coin. Bollinger Bands indicate price volatility and
fluctuations. The gap between the bands increased at press time
pointing towards increased chances of price volatility. For the
coin to see signs of respite over the next trading sessions, it has
to move above the immediate price ceiling. Related Reading: Cardano
Price At $0.44 With Strong Support, What’s Next? Featured Image
From UnSplash , Charts From TradingView.com
Binance Coin (COIN:BNBUSD)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Binance Coin (COIN:BNBUSD)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024