Kategorie: Ethereum News

The cryptocurrency market has had a net positive week so far and could end the week on a positive note.

The cryptocurrency market has been performing well since the start of the week. The market had added more than 5% to its value since the start of the week, with the total market cap now above $920 billion. If the positive momentum is maintained, the total market cap could cross $950 billion before the end of the week.

Bitcoin remains the industry’s pace-setter and is up by nearly 2% today. It has maintained its price above $20,000 but continues to struggle to surge past the $21k resistance level.

Ether, the world’s second-largest cryptocurrency by market cap, has had a net positive week so far. In the last seven days, ETH has added more than 15% to its value, making it one of the top performers amongst the top 10 cryptocurrencies by market cap.

In the last 24 hours, ETH is up by more than 3% and is trading above $1,100 per coin. If it maintains its positive performance, ETH could cross the $1,200 resistance level over the next few hours.

Key levels to watch

The ETH/USD 4-hour chart is positive as Ether has been performing well since the start of the week. 

The MACD line crossed into the positive zone a few days ago and has maintained its positive above that level. The 14-day relative strength index of 62 shows that ETH could enter the overbought region if the market conditions continue to improve. 

At press time, ETH is trading at $1,186 per coin and could rally past the $1,200 resistance level before the end of the day. 

However, Ether would need the support of the broader market to move past the $1,300 resistance level for the first time this month.

The post Ether is up by 3% today, and looks set to top the $1,200 resistance point appeared first on CoinJournal.

• Ethereum is forming support at around $1,000.

• The cryptocurrency price has been weakened by the waning DeFi and NFT sectors.

• Ethereum is yet to bottom as the price remains bearish.

Ethereum ETH/USD has oscillated between the $1,000 to $1,100 level for almost three weeks. We do not consider the level/zone as established support. However, bulls resist further downside, and a potential reversal could occur. At the current price of $1,047, Ethereum has slightly recovered. This was after slipping below $1,000 in the third week of June.

Since topping $4,800 Ethereum in November 2021, Ethereum has failed to match the gains. Crypto weakness and waning interest in NFTs and DeFi have contributed to the decline. NFT sales are now at their one-year lows. The sales hit the lowest in the year in June. However, NFTs and DeFi remain popular market segments as the crypto sector booms. We believe it’s a matter of when and not if Ethereum will recover to its former self. Investors should be watching for price bottoms to take the price higher. The key question is, has Ethereum bottomed at the $1,000-$1,200 region?

Ethereum consolidates at $1,000 bottom, but the price is under pressure

Source – TradingView

Technically, we view $1,000-$1,100 as a potential zone for Ethereum. The cryptocurrency is establishing the zone as important support. However, technical indicators suggest that Ethereum could fall further. Although the MACD line moves above the moving averages, it is still yet to get out of the bear zone. Again, the 14-day and 21-day moving averages suggest a bear market. The confirmation of a rebound is if the price successfully moves above moving averages. The price surge must also coincide with an improved crypto sentiment.

The other likely bottom is the established support at around $750. With the current bear market, $750 is a very realistic bottom for Ethereum. The level will be reached if Ethereum breaks below $1,000. For now, there is no confirmed bottom for Ethereum, and the price could fall further.

Summary

Ethereum is bearish at developing support of $1,000-$ 1,100. The token is yet to become bullish, and the price could fall to $750.

The post How likely will Ethereum rebound at the $1000 – $1100 level? appeared first on CoinJournal.

Most cryptocurrencies are now fully in a bear market. Ethereum fell below $1000 for the first time in years as weakness in the market continues. While we did see some slight recovery in 24-hour intraday trading, the overall trend will continue downwards. Here are some of the highlights:

• ETH bearish run will continue as the coin tries to find support at $800

• $1000 was seen as a crucial support zone for ETH

• It is unlikely the coin will reclaim $1000 in the coming days.

Data Source: TradingView 

Are steep losses coming for ETH?

Over the past week alone, Ethereum has seen a 35% drop in value. This is one of the worst weeks for the coin in 2022 and sadly, we have not seen the last of it. At the time of writing, the token was hovering above $950. However, we don’t think the price action will stay there for long.

Instead, ETH will slide as bears take full control. It may however try to find support at $800. In fact, looking at the chart, the $800 mark has often proven very tough to crack. Bulls will hope to keep ETH above this as they await sentiment to improve in the market. 

But despite this, there are still several fundamental risks that the broader crypto market has to deal with. First, tightening monetary policy means that the era of cheap credit is over. As money is sipped out of the economy, we may see lower flows of capital towards risk assets, including crypto.

When will the bear market end?

The crypto bear market started off at the start of 2022. There were periods when analysts felt that perhaps most coins had bottomed, but it seems more weakness is still coming. 

ETH could take another 3 months of high volatile trading before it establishes a sustained bull run. But for now, the key to watch is how long it stays above $800. If this support is lost, then we may see massive losses again for ETH.

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The cryptocurrency market has lost over $200 billion in the last few days, with the market cap now below $1 trillion.

Mike Novogratz, the founder and chief executive officer of Galaxy Digital Holdings Ltd., believes that the cryptocurrency market is closer to the bottom than stocks. He made this statement during a recent interview with Bloomberg.

Cryptocurrencies and stocks have been underperforming since the start of the year. Most cryptocurrencies have erased the gains they accumulated in 2021 and are trading at their 2020 levels.

Bitcoin is trading around $22k after losing more than 22% of its value in the last 24 hours. If the bearish trend continues, Bitcoin could trade around the $20k mark for the first time in more than a year.

Ether dropped as much as 21% to $1,165 on Monday. Bitcoin has lost 67% of its value while Ether is down by 74% since hitting record highs in early November.

However, Novogratz said cryptocurrencies are closer to the bottom than stocks. He said;

“Ethereum should hold around $1,000, and it’s $1,200 right now. Bitcoin is around $20,000, $21,000, and it is $23,000, so you are much closer to the bottom in crypto than you are where I think, stocks, are going to have another 15% to 20%. “Until I see the Fed flinch, until I really think, OK the economy is so bad, and the Fed is going to have to stop hiking and even think about cutting, I don’t think it is time to really deploy lots of capital.”

Some market experts attributed the recent market crash to Celsius’s withdrawal pausing policy issued on Monday. However, the cryptocurrency market began to record losses since Friday.

The rising inflation levels continue to affect the cryptocurrency and stock markets. The total cryptocurrency market cap has dropped below $1 trillion, down from the all-time high of $3 trillion recorded in November 2021. 

The post The crypto market is closer to the bottom than stocks, says Mike Novogratz appeared first on CoinJournal.

Like most major coins in the market, Ethereum has seen a massive sell-off over the last week or so. The coin is down about 30%, and as sentiment in the market takes a risk-averse approach, this decline is far from over. So, where does ETH go from here? More analysis later in the post but first, check out these highlights:

• ETH has fallen below $1300 for the first in 18 months

• A fall below $1,000 is likely and could trigger a huge sell-off

• Momentum in the market appears very limited, and ETH will remain suppressed.

Data Source: TradingView

Where does Ethereum go now?

At the moment, there isn’t a lot of good news coming from crypto. As most coins sell-off, we do not see any signs that the downtrend will ease. If anything, this could be the beginning of a very difficult period for crypto in the near term. So, we expect ETH to continue sliding. 

There will be some fake-outs in between where the coin rallies a bit. But overall, the trend will push downwards. It will be very interesting though to see the kind of resilience ETH shows at $1000. Losing $1000 will be a huge setback for the coin, and bulls must defend this price at all costs.

Nonetheless, if ETH can reclaim the $1300 support in the coming days, perhaps a massive met down will be avoided. So far, the coin is down 15% over the last 24 hours.

Is the crypto bull run over?

When major coins like ETH start to fall sharply, they often weigh down the whole market. 2021 was one of the best years for crypto. But it is now clear that 2022 will be the year of corrections. 

ETH is likely going to face more pressure but could still close the year above $5000. It all depends on how investor sentiment develops in the coming weeks.

The post Ethereum falls by over 30% in less than a week – What next? appeared first on CoinJournal.