Ethereum Price May Hit Worst Case in Q4 – Here’s The Potential Targets

ETH

Apart from the general market decline, which held ETH at the cycle lows, there were both positive and negative responses to the buildup to The Merge. About 4.19 million ETH worth $5.32 billion had already been sold by holders prior to the event on September 15.

However, investors started buying ETH again soon after the merger, and within a week, 1.15 million ETH, totaling $1.46 billion, were taken off the exchanges.

Unfortunately, the price of ETH started to decline instead of rise, and at the time of writing, it was trading below $1,300. A number of long-term investors (LTHs) were also seen shifting their holdings, erasing more than 1.26 billion days in the process. These days are essentially the quantity of ETH that investors own times the number of days since their previous transfer.

Next goal…

For short term traders who engage in scalping or intraday trading, the first of these is suitable. $1,426 has been identified as a key resistance on the 4-hours chart of the level as the level has been tested multiple times since July. By doing so, ETH will also be directly above the descending trend wedge, which is another important barrier.

This downtrend, which has been in place since the last all-time high in November 2021, has previously been tested multiple times and, despite being breached, has not yet turned into support. ETH will therefore be on the way to testing the third and most significant resistance – the 23.6% Fibonacci level – if it succeeds in doing so this time.

This Fibonacci retracement level of the slide from $3,520 to $996, which corresponds to $1,591, is expected to act as a starting point for a rally. As long as there are no bearish signs before the start of the new year in 2023, ETH could be on track to outperform if it recovers during the next seven days.

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