After Ethereum’s swap to a proof-of-stake, the bears took management of the market. Investors have turned away from high-risk belongings like equities and cryptocurrencies. The ETH weekly candle closed at $1,334 yesterday, which is a new low.
Technical Analysis
By Grizzly
The Daily Chart
The worth is at the moment down 27% from the excessive of $1,789 reached on September eleventh. The lowest stage touched in in the present day’s session is $1,280, which is simply above the 200-week shifting common (in yellow).
Additionally, the cryptocurrency has as soon as extra met the one-year descending assist line (in inexperienced), a stage that has saved the worth from dropping additional. The probabilities of recovering from the crypto winter quickly shall be very slim if the bulls are unable to defend this gorgeous sturdy assist.
If the worth drops under $1,280, a retest of $1,000 turns into rather more possible. As lengthy because the chart doesn’t paint increased highs and better lows, the bias stays damaging.
Key Support Levels: $1280 & $1000
Key Resistance Levels: $1420 & $1700
Daily Moving Averages:
MA20: $1574
MA50: $1652
MA100: $1467
MA200: $2036
The ETH/BTC Chart
Against Bitcoin, the bears dragged the cryptocurrency under 0.072 BTC. The worth has fallen by 20% in the final ten days, which is unprecedented in the overly bullish development of the final three months.
Lower highs and decrease lows got here collectively to kind the sample, which is fully bearish. At the second, assist is holding the worth at 0.068 BTC, the place the 100-day and 200-day shifting common strains join.
The latest drop might be thought-about a bear lure if the worth recovers over 0.072 BTC. Otherwise, the subsequent assist ranges are discovered at 0.065 BTC and 0.06 BTC.
Key Support Levels: 0.068 & 0.065 BTC
Key Resistance Levels: 0.072 & 0.08 BTC
The post ETH Charts a Fresh Weekly Low in a Crash Below $1,300 (Ethereum Price Analysis) appeared first on CryptoPotato.