After 16% drop, traders target $250 Ethereum price — Here’s 3 reasons why
Ethereum price corrected 16% in 4 days, led by these three key factors. The crypto market saw a significant correction today and Ether (ETH) price did not escape the carnage. In the last 24 hours, the top altcoin recorded a 12% drop as the price fell to $331. In the same period, Bitcoin (BTC) price slipped by 6.3% to find support near $10,300.Ether’s decline comes after a head and shoulders pattern became clear on the daily timeframe and the price slid into a shart downtrend over the past four day. ETH/USD 1-week chart. Source: TradingView.comThree reasons are likely behind Ether’s poor....
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Derivatives data and trading volume show investors are still bullish on Ether price even after today’s drop to $596. On Dec. 17 , Ether (ETH) price rallied to $677, its highest level since May 2018, and it seems the top altcoin’s price was driven by Bitcoin’s (BTC) swift move above $21,000. It’s also possible that the CME’s ETH futures launch announcement also played its part.Solid fundamentals and positive newsflow also seem to be helping Ether to hold above $640 for the past few days, and despite today’s dump, these fundamentals remain. Eth2 staking surpassed $1 billion in total value....
ETH’s 13% drop to $4,100 led to $200 million in futures liquidations, but pro traders still have reason to stay long and strong. Ether (ETH) traders might have a few reasons to panic after today's 13% drop down to $4,100. The swift pullback appears to have broken a 55-day ascending channel that had a target at $5,500.Ether/USD price at FTX. Source: TradingViewThose not worried about technical analysis will understand that the cryptocurrency's 3.4% daily volatility justifies the 10% negative price swing. Still, one should not disregard externalities such as the United States infrastructure....
Ethereum price traded further down and broke yesterday’s low. Can losses extend or ETH/USD could manage to correct higher in the short term? Ethereum price ETH was under a lot of bearish pressure intraday against the US Dollar, and my suggested idea of selling near the 100 hourly simple moving average worked well. The target of $10.40 was achieved, and the price event broke the swing low of $10.00 to form a new low of $9.89. The price is currently consolidating in a tiny range and facing sellers near the 23.6% Fib retracement level of the last drop from the $11.65 high to $9.89 low. There....
The price of Bitcoin (BTC) declined to $16,000 across major exchanges after hitting $16,480 on November 14. Although the BTC price recorded a near 3% drop within 24 hours, the retest is healthy for the ongoing rally. The 15-minuteprice chart of Bitcoin. Source: BTCUSD on TradingView.com Reasons Why the Drop to $16k Could Actually Benefit […]
A few Bitcoin traders expect now expect a deeper correction but data suggests that a relief rally toward $18,000 should not be ruled out. The price of Bitcoin (BTC) has been consolidating above $17,000 on Nov. 28 following a major correction from $19,400. In the near term, traders anticipate the dominant cryptocurrency to see another steep pullback.There are three main reasons why traders expect a deeper drop to occur in the near future, namely, historical cycles, the Fibonacci Sequence, and the record-high open interest of the futures market. BTC/USDT 4-hour chart (Binance). Source:....