After Ethereum switched to proof of stake, the bears took control of the market. Investors shy away from riskier assets like stocks and cryptocurrencies. ETH weekly candle closed at $1,334 yesterday, a new low.
The price is currently down 27% from the high of $1,789 on September 11th. Today’s session low is $1,280, which is just above the 200-week moving average (in yellow).
In addition, the cryptocurrency once again faced the one-year descending support line (in green), the level that saved the price from further decline. The chances of recovering from the crypto winter soon will be very slim if the bulls cannot defend this fairly strong support.
If the price drops below $1,280, the probability of a retest of $1,000 will increase. As long as the histogram does not plot higher highs and higher lows, the bias remains negative.
Important support levels: $1280 and $1000
Key resistance levels: $1,420 and $1,700
Daily Moving Averages:
ETH/BTC . Chart
Against Bitcoin, the bears pulled the cryptocurrency below 0.072 BTC. The price has fallen 20% in the past 10 days, which is unprecedented for the excessive bullish trend in the past three months.
The lower tops and lower bottoms came together to form the completely bearish pattern. At the moment, support is holding the price at 0.068 BTC, where the lines of the 100-day and 200-day moving average are connected.
The recent drop can be seen as a bear trap if the price recovers above 0.072 BTC. Otherwise, the next support levels are at 0.065 BTC and 0.06 BTC.
Important support levels: 0.068 and 0.065 Bitcoin
Key resistance levels: 0.072 and 0.08 Bitcoin
A new weekly low for ETH charts after the crash below $1,300 (Ethereum price analysis) first appeared on CryptoPotato.