Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Topic started by: Coin_Gabbar on September 14, 2022, 11:40:56 AM
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Ethereum dropped below $1,650 versus the US dollar. To avoid a sharp bearish reversal, ETH must remain above the $1,550 support zone.
A cup and handle pattern is forming on the daily ETH/USDT technical chart. In response to this pattern, the coin price should increase and break through the neckline resistance of $2000. As a result, the Ethereum price would obtain an early signal for a trend reversal, allowing it to achieve the primary goal of $2500. However, the currency is currently trading at $1620, down 5.86% in the last 24 hours.
Yesterday's sell-off started with the release of the latest consumer price index (CPI) data, which showed 8.3% year-on-year inflation. The bearish momentum accelerated, however, as the CME FedWatch Tool indicated a 20% possibility of a 100 basis point (bps) or 1% interest rate hike. As a result, market sentiment is once again in turbulence, with many questioning if the bottom has really formed.
The bulls have pushed the price above the 23.6% Fib retracement level of the decline from the $1,789 swing high to the $1,552 low. On the upside, the price is facing resistance at $1,620.
The next major resistance is situated between $1,660 and $1,670. It is close to the 50% Fib retracement level of the fall from the $1,789 swing high to the $1,552 low. A clear break over $1,670 might push the price above $1,700.
In any case, the technical chart now indicates a bullish reversal pattern controlling the Ethereum price action, so traders may continue a bullish outlook until the swing low support of $1420 is breached.
The bearish engulfing candle is currently retesting the combined support of $1550 and the upcoming support trendline. However, if today's daily candle closes above this support, the price may be able to recover.
A possible reversal from this concentrated support would push the cryptocurrency 28% higher to the neckline of the previously mentioned pattern.
According to Price Analysis, The market capitalization of this ETH is estimated to be $197,995,100,872. The 24-hour trading volume for the same coin is around $23,530,523,286.
On the upside, a major resistance is located at the $1660 level. A closing over the $1660 resistance level might cause a fresh rally. In the mentioned situation, the price might rise to $1700. Any further advances might push the price up to the $1800 psychological level.
If ETH fails to break over the 1660 major resistance level, it may continue to fall below $1580. The next big level of support is at $1550. If it fails to maintain this level, strong panic selling might occur, possibly reaching the $1400 milestone.
KEY LEVELS :
RESISTANCE LEVEL : $1680-$1740
SUPPORT LEVEL : $1550-$1480
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A replay attack, however, could see bad actors duplicate these transactions in a manner that would allow them to steal the real, much more valuable version of the asset on the real Ethereum blockchain. Just after the relatively worthless “copied” asset is sold on the forked chain, a hacker could, theoretically, replicate that transaction on Ethereum and fool the blockchain by making a seemingly real record of a fake transaction.