Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Gabbartoken on August 31, 2022, 10:41:43 AM
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Ethereum has started a new rise above the $1,600 resistance level against the dollar. ETH is gaining momentum and it may soon reach the $1,650 level.
Ethereum attempted but failed to break above the $1,605 barrier. Below $1,560 and $1,550, there was a sharp bearish reaction.
According to price analysis, The price of ether fell below $1,520 and the 100 hourly simple moving average. The bulls, on the other hand, were active at the $1,500 and $1,480 levels. The price has now risen after reaching a low near $1,474. A clear move above $1,550 and the 100 hourly simple moving average happened.
The price has gone up above the 78.6% Fib retracement level of the recent drop from the $1,620 swing high to the $1,474 low. It is currently consolidating near the $1,600 level. On the hourly chart of ETH/USD, a key rising channel is forming with support near $1,510.
It is facing resistance at the $1,620 and $1,635 levels. The stated resistance is near the 1.236 Fib extension level of the recent fall from the $1,620 swing high to the $1,474 low. The next major resistance is now forming near the $1,650 level.
A clear break above $1,650 might push the price towards $1,700 resistance. Any further rises might open the door for a challenge of the $1,750 resistance in the near term.
If ethereum fails to break over the $1,620 resistance, it may fall further. On the downside, initial support is near $1,560.
The next major support is near $1,540, as well as the 100 hourly simple moving average, below which the ether price begins to decline. In the aforementioned scenario, the price may fall to $1,520. Any further losses might push the price down to $1,480.
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KEY LEVELS :
RESISTANCE LEVEL : $1650-$1720
SUPPORT LEVEL : $1560-$1500
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I am expecting that with the coming merger which can solve of the biggest problems of Ethereum - though can be introducing new ones too - the value of ETH will be showing some bullishness. Though since we are in the world and market of cryptocurrency, nobody can be sure as investors and traders are also very cautious for this digital asset. I am then wondering if this coming big update for Ethereum can pave the way for it to go towards $5000...or will it be entangled with new problems that can deter people to throw their full confidence on it?
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I believe many things depend on the positive movement of the BTC. The recent drop brings almost a 10% drop in the Ethereum price but Ethereum almost recover back but as we all are expecting good movement in the Ethereum before the merge is not happening till now So I am afraid after the merge Ethereum will drop again. Let's see in the coming days whether Ethereum touches the $2100 mark or not.
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Unfortunately, the price of ethereum continues to fall along with the general fall of the cryptocurrency market even after the merger in its network. The price of bitcoin again fell below $20,000, while ethereum fell to $1,338. Moreover, after the merger, ethereum became cheaper in percentage terms at a much higher rate than bitcoin and some top cryptocurrencies. Let's hope that some negative doubts about this coin, such as excessive centralization, will soon disappear, and ethereum will still reach new price records.
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Ethereum is part of the cryptocurrency market, where there are rules, including the price dominance of bitcoin due to its large level of capitalization. And throughout this year, we are seeing a complete calm and crypto-winter in this market. Under other conditions, after a successful merger in the Ethereum network, this coin would most likely go up in price sharply. But the current crypto winter did not allow this. The situation on the market will change and then erhereum will be able to prove itself in terms of price. In the meantime, we see that the price of this coin is about 1200 dollars.
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No one had thought that due to the uncertainties of the market, all the cryptocurrencies would collapse and all the investors' calculations would fail. ethereum will cross $5k after the merge but it continues to fall down, currently trading at $1170, but it is expected that the market will bounce and ethereum will move forward.