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Ethereum (ETH) falls below the important $2800 support zone – how far can bears take it?

At the start of February, we saw the entire crypto market rebound sharply. Ethereum (ETH) was one of the key performers and at one point, even got closer to $4000. But it has been a sharp fall ever since. More importantly, ETH has fallen below the crucial support zone of $2800. So, how far can bears take this? Here are some highlights:

  • ETH was trading at $ 2734 at press time, down about 5% in the last 24 hours

  • ETH has also fallen below the crucial 20-day exponential moving average

  • It is likely that the coin will fall to its next support of $2400 in the coming days.

Data Source: Tradingview

Ethereum (ETH) – Price analysis and prediction

There is a big systemic risk in the crypto market right now due to the tensions between Ukraine, the West, and Russia. We are likely to enter a period of extreme market volatility in the coming weeks, at least until the crisis is resolved. 

For this reason, it’s very difficult to make accurate technical predictions with such huge systemic risks hanging over the market. However, as of now at least, bears have the upper hand with Ethereum. 

We expect the coin to fall towards $2400 before bulls try to find sufficient demand for some momentum. Besides, ETH still remains below the 20- and 200-day exponential moving averages, suggesting weakness. The relative strength index also shows a bearish outlook.

Should you consider Ethereum (ETH) right now?

With a short-term bearish outlook, this may not be the right time to get into Ethereum (ETH). In fact, there is a real chance of buying in at a very good discount since the price is expected to fall further. 

The $2400 mark will be the perfect entry point for both short- and long-term buyers. Short-term buyers should hope to exit once ETH bounces back to $2800.

The post Ethereum (ETH) falls below the important $2800 support zone – how far can bears take it? appeared first on Coin Journal.

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Is Avalanche (AVAX) heading for $110 in the near term?

Avalanche (AVAX) closed Friday’s session trading on the red and has continued that weakness well into Saturday. The coin has fallen for three consecutive days. But even with this somewhat bearish trend, there is enough upside for more gains in the near term. Analysis to follow below but first, some highlights:

  • Bear pressure has seen AVAX lose nearly 18% in two days.

  • The coin is currently trading at $82.78, down around 2% in 24 hours

  • The key is to hold the coin above $80 in the coming days.

Data Source: Tradingview

Avalanche (AVAX) – Can it go to $110?

It’s hard to see any path towards $110 for AVAX given the recent price movement and broader risks in the market. But when you look at the history of AVAX and its performance, this is not a big hurdle. 

In fact, after hitting lows of $53 in January, the coin has surged by nearly 80%. It won’t be a surprise if we see such gains again. The key is to keep the price above $80. At press time, the coin was trading at around $82. 

We also think that the current retracement seen over the last three days will stop at $80 before there is enough demand to push AVAX further. The coin also remains above its 20-day EMA, suggesting more bullish strength. If bulls hold the $80 support, then a swing up towards $110 is very feasible.

Is Avalanche (AVAX) worth looking at?

When analysing coins worth buying in the crypto market, there is no doubt that Avalanche (AVAX) will be among the top ten. It is a very promising project that has some decent things in its favour. 

The $80 mark is a good entry zone for those who have not bought into AVAX yet. The coin is likely to offer outstanding value in the longer term.

The post Is Avalanche (AVAX) heading for $110 in the near term? appeared first on Coin Journal.

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Sell of risks for Ripple (XRP) continue to build – Here is why the coin could hit $0.6

After reporting some significant gains at the start of February, Ripple (XRP) has seen a period of price retracement that has given bears the upper hand. This selling pressure continues, and while the coin has stabilised above the $0.7 mark, there is still a huge sell-off risk. Here are some notable highlights:

  • At press time, Ripple (XRP) was trading at $0.7773, virtually unchanged in 24 hours.

  • XRP has found strong support at $0.7 over the last few days.

  • However, selling pressure could bring the token back to $0.6 in the near term.

Data Source: Tradingview

Ripple (XRP) – Price action and analysis

After seeing a decent climb in February, Ripple (XRP) is now reporting some selling pressure as investors lock in profits. Despite this, the coin has found very strong support around the $0.7 mark. 

In fact, at the time of writing this post, XRP was trading slightly above that threshold with a price of $0.77. The goal for bulls is to hold the price action above this mark. But there is a huge sell-off risk here. 

We expect bears to breach the $0.7 support and push the coin back towards $0.67 in the coming days. This will represent a drop of about 17% or thereabout. Ripple bulls will try to find sufficient demand at $0.6, but we may see further weakness with systemic risks in the broader crypto market due to tensions in Eastern Europe.

Is Ripple (XRP) ripe for investment?

Ranked among the top ten most valued crypto assets in the world, Ripple (XRP) has always been ripe for purchase. There is however some ongoing litigation between the coin and the SEC. 

This could pose major risks for short-term buyers. It would be best to see how the lawsuit progresses in the coming weeks before going all-in with XRP.

The post Sell of risks for Ripple (XRP) continue to build – Here is why the coin could hit $0.6 appeared first on Coin Journal.

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Shiba Inu (SHIB) could swing up by 16% despite some significant sell-off in recent days

The crypto market has slowed a bit over the last few days. Meme coins, as you would expect have taken a hit. In fact, Shiba Inu (SHIB), one of the main meme coins in the market, has seen a mini sell-off of sorts. But it’s not all gloomy for SHIB holders. A look at the chart shows a possible immediate bounce back. Here are some highlights:

  • Shiba Inu has exploded in February, at one point gaining nearly 75% in 3 days.

  • The much-expected correction however appears to have come with SHIB selling in recent days.

  • Technical indicators however show a quick bounce with an upside of at least 16% is possible.

Data Source: Tradingview

Shiba Inu (SHIB) – Price prediction and analysis

Shiba Inu (SHIB) is right now trading at the confluence of two important indicators. These are the 50 day and the 200-day simple moving averages. In recent weeks, the confluence has proved to be a very strong demand zone for bulls. 

We have seen very significant buying activity between $0.000027 and $0.0000288. At press time, the coin was trading at $0.00002716. Although SHIB is indeed down by around 7% over the last 24 hours, it means the price has entered this crucial demand zone. 

We expect bulls to step up and buy in the coming days, something that will ultimately push SHIB further. As a result, an upside of around 16% is very possible.

Why are people buying Shiba Inu (SHIB)

Shiba Inu (SHIB), often referred to as the DogeCoin killer, is by far one of the most successful meme coins in history. 

Although the token has declined significantly from its all-time highs in 2021, there is still a lot of potential for further growth. Besides, we have seen SHIB whales accumulating more and more SHIB. From a short-term point of view, the meme coin is indeed worth buying right now.

The post Shiba Inu (SHIB) could swing up by 16% despite some significant sell-off in recent days appeared first on Coin Journal.