Skip to main content

Ethereum Technical Analysis: Ether Echoes Bitcoin’s Volatility Amid Growing ETF Anticipation

Ethereum Technical Analysis: Ether Echoes Bitcoin's Volatility Amid Growing ETF Anticipation

Ethereum’s trading value, standing at $2,265, represents a fluctuation within a daily range of $2,170 to $2,310, against the dynamic canvas of a $272 billion market capitalization and a robust 24-hour trading volume of $19.24 billion. Ether, along with a multitude of crypto assets, mirrors the volatility of bitcoin as anticipation grows over the potential approval of a spot bitcoin exchange-traded fund (ETF).

Ethereum

Ethereum’s market oscillators send mixed signals, with a majority resting at neutral, hinting at cautious market sentiment, while moving averages (MAs) tilt towards a bearish tone, albeit with a glimmer of bullish hope in the longer term. Oscillators like the relative strength index (RSI) and Stochastic linger in neutral territory, suggesting a market in balance or indecision.

The commodity channel index’s (CCI) dip into the negative and the moving average convergence divergence’s (MACD) sell signal contrasts with a bullish hint from the momentum indicator. These mixed signals paint a picture of ether’s market at a crossroads, awaiting a clear trend or trigger.

The short-term moving averages, specifically the 10 and 20-day, show a bearish trend, reflecting the recent price drops. However, a shift in sentiment is observed in the longer-term averages, from 30-day onward, where bulls dominate. This divergence may indicate short-term bearishness with the potential for medium to long-term recovery or growth.

Ether’s daily chart reveals a volatile narrative with substantial price swings, typified by a recent large drop, hinting at a fierce sell-off followed by a modest recovery. The absence of a definitive trend in the daily chart suggests a market grappling with direction, offering strategic entry and exit points for the observant trader.

Zooming into the 4-hour chart, we see a more nuanced picture of price movement, with recent bullish rises suggesting a potential trend reversal. The smaller ups and downs denote reduced volatility and a seeming consensus among traders at these levels, marking critical entry and exit junctures for short-term plays.

Ethereum’s 1-hour chart sharpens the focus to reveal a more defined uptrend characterized by a bullish upswing and increasing volume, a positive sign for continued upward momentum. ETH traders are advised to look for entry opportunities at pullbacks to support levels, ensuring the pattern of higher highs continues.

Bull Verdict:

Despite the short-term turbulence and neutral signals from oscillators, ether’s resilience in the face of market volatility is notable, particularly in the optimistic longer-term moving averages and the budding uptrend on the 1-hour chart. The market’s capacity for swift recoveries and the sustained buying interest at lower levels suggest a potential upward trajectory. Traders might see this as an opportunity to capitalize on the dips, with a watchful eye on emerging bullish patterns, signaling a strengthening momentum for ethereum.

Bear Verdict:

Ethereum’s price analysis reveals a challenging landscape marked by immediate bearish signals from short-term moving averages and a significant sell-off indicated in the daily chart. The predominance of neutral oscillator readings suggests a lack of strong buying momentum, potentially leading to further price consolidation or decline. Traders should be cautious, considering the possibility of continued bearish trends and preparing for potential downside risks as the market seeks a new equilibrium.

Register your email here to get weekly price analysis updates sent to your inbox:

What do you think about ether’s market action on Monday morning? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/hUIxsCr

Comments

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting ...