- ETH has fallen nearly 67% from its all-time high of $ 4,878.
- ETH / USD may experience a downside denial as the Bulls become defensive to test bids with key support of $ 1,500
- Ethereum’s Proof of Stake transition may be delayed
rear US inflation hit Ethereum and the entire crypto market, which were at their highest levels in 41 years, have turned bearish and investors are preparing for further rate hikes this year. As you can see in today’s Coinbase chart, Ethereum (ETH)The second largest cryptocurrency by market capitalization has fallen to a daytime low of $ 1,499.79, the lowest level since March 2021. ETH is currently down nearly 67% from a record high of $ 4,878. ETH / USD may experience a downside denial as the Bulls become defensive to test bids with key support of $ 1,500. Ethereum’s Proof of Stake migration can be delayed.On friday, the developers Difficulty bomb After discussing some of the flaws identified when testing the software of Mergeon Ropsten, one of the oldest test nets on the network, the developers haven’t set a specific date for the merger, but Ethereum’s collaboration. Founder Vitalik Buterin said the merger could take place in August if there were no major concerns.
Key level
Resistance levels: $ 2,300, $ 2,000, $ 1,700
Support levels: $ 1,500, $ 1,300, $ 1,000
ETH / USD Daily Chart: Bearish
ETH / USD Daily Chart
Daily chart ETH / USD The pair shows that the risk remains declining as the pair continues to grow below the mild bearish moving average (MA 50) while the technical indicators continue to trend south at negative levels. I am.
Growth continues to be negative, as evidenced by the Relative Strength Index (RSI). Continued breach of the confluence zone at the $ 1,700 level may contribute to a medium- to long-term bearish against the new bottom below $ 1,500 and resume its downward trend from the $ 3,581 (high) level in April 2022. there is.
ETH / USD 4-hour chart: bearish
ETH / USD 4-hour chart
As you can see on the 4-hour chart, the technical indicators are bearish. The Relative Strength Index (RSI) entered the negative territory with a strong bearish slope on the 4-hour chart. This is because the pair fell below both the moving averages 5 and 13 after falling below the horizontal resistance level of $ 2,000 for most of the week.
The initial bias of the low $ 1,500 retest remains active on the downhill path. On the plus side, a small resistance level of $ 1,700 can limit the rebound. As a result, there may be a risk that the negatives will be further reduced. However, if the $ 1,700 resistance is broken, further rebounds are expected.
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