Any optimism about the rally is fading quickly as the merger promotion date approaches. Two weekly candles closed in red, warning of the formation of a bearish structure. Ethereum lost about 30% of its value during that period.
Ethereum is forming a lower bottom on the daily chart. Structure, followed by the formation of lower peaks and lower troughs, can be a precursor to continuous depressions. So far, the bears have managed to erase the 50% gain from July (in yellow).
Suppose that the DXY indicator, which has just broken the last top, continues its upward trend. In this case, Ethereum is likely to test the horizontal support at $1,300 in the short term, above the 61.8% golden Fibonacci level (in green).
The end of a downtrend can only come if the price forms a higher top and a higher bottom. Until then, the downward slope remains strong.
Important support levels: $1450 and $1300
Key resistance levels: $1,600 and $1,750
Daily Moving Averages:
ETH/BTC . Chart
Against Bitcoin, bears have pushed the price down 11% over the past two weeks as attempts to test the horizontal resistance at 0.082 BTC (in red) had little impact. The pair is currently trading near horizontal support in the 0.072-0.073 BTC range (in green). A close and a break below this level may start a corrective wave. The target of this movement is in the range of 0.065-0.066 BTC (in yellow).
Important support levels: 0.073 and 0.065 Bitcoin
Key resistance levels: 0.083 and 0.088 Bitcoin
Number of Transactions (SMA 30)
identification: The total number of transactions in which the tokens were transferred.
The number of trades on the grid, which has been in quite a downtrend since the record high, rose sharply during the recent bullish phase. This was most likely due to the recently released news about the merger.
Interestingly enough, this indicator fell before the current correction started. This can often be seen as a warning of an incoming situation.
Post After 30% Drop in 2 Weeks, Where is the Low for ETH? (Ethereum Price Analysis) First appeared on CryptoPotato.