Ethereum prices have been fluctuating in a very narrow range over the past few weeks as the market heads into the holiday season. However, with cryptocurrencies currently in critical territory, a decisive move could be on the horizon.
technical analysis
Along: Edoris
Daily chart:
On the daily chart, price has recently tested a key resistance level at the confluence of the $1250 zone and the 50-day moving average.
While the market has yet to break above this fundamental level upwards, a potential bullish breakout paves the way for the psychologically important price to move up towards the 200-day moving average around $1400. I guess. A valid breakout from the aforementioned 200-day moving average could lead to a short-term rally that could push the ETH price to $1800.
On the other hand, if the price rejects downwards from the $1250 level and the 50-day moving average, there is a good chance that it will fall sharply towards the $1000 support level, which is the last resort for the bulls.
4-hour chart:
Looking at the 4-hour timeframe, the recent consolidation pattern becomes more apparent, with the price bouncing inside the symmetrical triangle that forms below $1250. A valid breakout from either side of the pattern can lead to further continuation in the direction of the initial breakout.
The $1350 resistance zone is likely to be a bullish breakout target and a breakout of the pattern could lead to a drop towards the $1100 support level.
The RSI indicator also provides useful insight as the momentum is approaching the overbought territory, indicating that a potential bearish divergence could form soon and a bearish reversal is likely. I can do it. Overall, the market’s near-term future remains unbalanced, but a breakout or denial from the $1250 level could shape short to medium-term price trends.
sentiment analysis
Along: Edoris
Ethereum taker buy/sell ratio
Ethereum’s price is still reluctant to drop further to new lows, and futures market sentiment highlights one of the reasons for this relative strength.
This chart shows a 100-day moving average. Taker-by-sell ratioIt is an indicator primarily used to assess sentiment in the futures market and shows whether bulls or bears are more actively engaged in ordering. Values above 1 indicate bullish sentiment, while values below 1 indicate bearish dominance. Movements above or below this threshold are also important, as a metric below 1 usually indicates a short-term crash.
The metric has been above 1 for the past few months, indicating that bullish orders are generating enough demand to keep them from falling below $1,000, demonstrating bullish resilience in the futures market. I’m here. If this behavior continues, we may expect higher prices in the short term as prices appear to be forming a base, but if the indicator drops below 1, a further bear market is likely. is very high.
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cryptocurrency chart By TradingView.
