Traders watch for a trend reversal after Ethereum price drops to $4,100
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....
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Ethereum price is at a stage of forming a hidden reversal of a long-term downward trend. The price is still in the area of high volatility. ETH/USD. Ethereum’s rebound from $10.5 can provoke an increase in volatility. Such a development of the upward trend can indicate a possible hidden reversal. That reversal is taking place at a subwave level when there is a clear advantage of one group of traders over the other. Two possible course of events. Break through $11.7 mark and continuation of growth towards $20. A confirmation of this scenario would be a fortification of Ethereum price above....
Ethereum Price Key Highlights. Ethereum price has been trending higher on the short-term time frames, as the rising trend line support is still holding. Price hit a major area of interest visible on the longer-term charts, triggering a pullback to the trend line. Ethereum price could be in for a short-term downtrend if it breaks below the trend line and completes a head and shoulders pattern. Watch 0.00300 Closely. The neckline of the head and shoulders reversal pattern lines up with the trend line support around the 0.00300 level, with a downside break likely to confirm that further....
Ethereum price has reached psychological resistance. If it breaks through that line, the next stop is likely to occur at the $20 point. Another increase in volatility can provoke the launch of a new Blockchain consortium, which Microsoft will join. ETH/USD. The growth scenario continues. The hidden reversal structure is still intact. The price has failed to form a reversal at the key level of $12.7; it has led to a new upward impulse. When a hidden reversal takes place, the majority of traders usually open their deals at the nearest key lines. The rebounds, in that case, tend to be....
Many successful traders look for double bottom and W bottom reversal patterns on technical charts in order to spot powerful price reversals. Trading in the direction of the trend is one of the best ways to be profitable. If traders learn to spot a new trend early, it provides an opportunity to buy with a good risk to reward ratio. In addition to identifying a trend, traders should also be able to recognize when it has reversed direction.While several patterns signal a possible trend change, one of the easiest to spot is the double bottom pattern. This can help traders change their strategy....
Ethereum Price Key Highlights. Ethereum price had been trending steadily lower on long-term and short-term time frames, but an upside break from the descending trend line on the 1-hour chart suggests that a reversal might be in order. Price popped above the moving averages to a high of 0.00237BTC and has since retreated for a retest of the broken resistance. Ethereum price may be on the verge of a reversal from its earlier downtrend, indicated by the trend line breakout on a short-term chart. Sights Set on Next Resistance. If the uptrend gains traction, ethereum price could head up to the....