Ethereum (ETH) Bends Toward $1,000 As Doubt Fills Crypto Markets
July 01 2022 - 9:30AM
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Ethereum (ETH) traded in tandem with risky assets on the final
session of the first half of the year, due to persisting fears of
greater inflation and rising interest rates. Some analysts say this
might set the stage to more decreases heading into the third
quarter. Following a four-day losing skid, ETH’s price fell roughly
6 percent to $1,044 on Thursday. The ETH/USD pair has also broken
below its interim rising trendline support, creating an “ascending
triangle” pattern in conjunction with a horizontal trendline
resistance to the upside. The Ethereum (ETH) price graph displays a
five-day losing run that contradicts the comeback rally from the
previous week. In addition, the decreasing price may reach the
psychological $1,000 mark, suggesting the sellers’ effort at a
further decline. Source: TradingView.com Ethereum Breaches Vital
Support Level Suggested Reading | Shiba Inu (SHIB) Shines Green In
Pool Of Crimson – Who’s Buying? In the past several hours, the
price of Ethereum has breached a crucial level of support, falling
below $1,000. The Fibonacci retracement indicator
suggests that there are no strong support levels for ETH that
could maintain price stability. Consequently, any selling pressure
may result in another decline to $900 or even lower. Ethereum is
scheduled to receive the ‘Merge’ upgrade, a long-anticipated
reformation that the global investment community has expected. The
upgrade intends to transition the blockchain from proof-of-work to
proof-of-stake, a considerably more energy-efficient project that
may also have an influence on transactions and crypto trading
experiences, making it more effective. But the launch announcement
has not had the same effect on the investing community. The
price of Ethereum continued to retreat with Bitcoin. ETH total
market cap at $127 billion on the daily chart | Source:
TradingView.com To have a chance of refuting the bearish view, the
second-largest cryptocurrency by market cap must recover $1,100 as
support. Since middle of June, Ether had been running within an
ascending triangle. On June 29, Ether broke below the triangle’s
lower trendline, accompanied by a surge in trading volumes that
confirmed traders’ certainty about a further downturn. Suggested
Reading | Bitcoin Slides Under $20K – Another Collapse In The
Offing? As a result, the downside goal for ETH for the third
quarter, based on the ascending triangle formation, is about
$835, which is almost 20% lower compared to the price on June
3. During the Asia-Pacific trading, the price of Ethereum
surpassed the previous day’s peak. However, as soon as the European
session began, the price plummeted below its opening level.
Curiously, stocks declined in a similar manner. It is becoming
increasingly evident that Europe and the United States are
approaching the next phase of the global correction before entering
recession, which is beginning to appear inevitable. Featured image
from Crypto Basic, chart from TradingView.com
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