Ethereum fell below a crucial support level of $1,400 to the $1,340 level. However, going by indicators signs, it is likely that Ethereum price will rebound upwards soon.
Ethereum Analysis Statistics Data:
Ethereum value now: $1340
ETH’s market cap: $162.60 billion
ETH’s moving supply: 122.4 million
The overall supply of Ethereum: 122.4 million
Ethereum’s Coinmarketcap ranking: #2
As a result, it is important to critically study this market for the sake of coming up with profitable trading decisions. We shall also look into the ETH/BTC market to determine useful decisions for traders who are trading in this market.
Major Price Marks:
Top Levels: $1340, $1400, $1450
Base Levels: $1300, $1260, $1200
Ethereum Falls Lower but May Soon Reverse Trend, Invest in Tamadoge Today
Not too long after the Ethereum merge, the ETH/USD price action broke a key support level to the downside. Currently, Ethereum trades under the $1400 price level. Nevertheless, technical indicators are indicating that the price may soon reverse to the upside. The base level of the Bollinger indicator has been significantly pushed. And, at this point, a green candle has just formed to indicate price rebounding off the Bollinger indicator. Additionally, the Stochastic RSI lines are now touching at the tip to signify an impending price upward correction. Consequently, the price may soon retrace the $1400 and above.
Ethereum Price Analysis: Eth/Btc Also Shows Signs of Price Recovery
Price movement on the ETH/BTC market appears somewhat similar to the ETH/USD market. This can be seen as price action has pushed back the lower band of the Bollinger band. One key difference is the size of the last candle which appears much larger here than that of the ETH /USD.
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Furthermore, the activity on the Bollinger indicator predicts a value rebound. Additionally, the activity of the RSI lines as well confirms that the price of Ethereum will soon rise towards higher resistance. This can be observed as the indicator lines have crossed each other in the oversold region. Eventually, the value is likely to arrive above the 0.07500 level.
Tamadoge has also been highlighted by Bitcoinist, BeInCrypto, NewsBTC, and crypto influencers across social media. Jacob Crypto Bury above notes that a Tamadoge purchase equivalent to 55.8 ETH was recorded on Etherscan on Sunday.
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