Pro traders turn into bears after Ethereum price dropped to $3,200
Regulatory uncertainty, potential competition from tech giants and a market nearing exhaustion are all factors impacting ETH price. After a 42% rally over a three week period, Ether (ETH) peaked at $3,580 on April 3, and since then a 12% correction to $3,140 has taken place.Tech giants launching their own smart contract platforms and regulatory uncertainty might have impacted investors’ sentiment and derivatives metrics also show worsening conditions which confirm professional traders' shift toward bearish sentiment.Ether/USD price at FTX. Source: TradingViewOn April 6, Financial Times....
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Ethereum’s price has carried out one of the trend development scenarios. The downward trend continues. What level will prove critical for this trend? Ethereum’s market has picked a downward scenario, discarding the possibility of forming a turn to growth. Despite the price fortifying at a level profitable for the bears, the bulls have failed to hold the advantage, and thus there was no turn to growth. The short-term downward trend will continue, as long as the advantage stays with the bears. The most likely point for a turn to growth is at $10.3, where a lot of trading volume converges.....
The uncertain growth of Ethereum’s price is quite likely to result in a sharp fall. When does it become risky to buy? Will there be a turn to decline? If, given all favorable conditions, the price still can’t move in a certain direction, the psychological factor may kick in and hand the advantage to the bears. ETH/BTC price chart 1 But that is only the initial assumption. To make informed trading decisions, one has to look for a more founded confirmation. The level of $11.7 is the most profitable price for purchase deals within the rebound trend. Thus, if Ethereum’s price starts to fortify....
Ethereum is currently fortifying at a point which is profitable for the bulls. Will there be a turn to decline? Will the bears hold the advantage? The fact that Ethereum has fortified at the level of $8.5 signifies that the bulls are holding the advantage. The $8.5 price is profitable for the bulls, but the graph clearly shows that the buyers are not taking advantage of that profit at the moment. If this keeps up and a downward turn forms, the most probable scenario will be that of the medium-term trend heading down. If, however, the bulls do manage to make use of their advantage, there....
A turn to growth did not play out on Bitcoin. The price, unable to fortify at a key level, has fallen down to the next significant resistance line. Is the medium-term downward correction continuing? The lack of fortification at the level of $455.5 has indicated that there is no current support for a more powerful upward movement. Consequently, there is just one possible scenario - a continuation of the medium-term downward correction. Bitcoin’s price has dropped to the area around $445 - which is the minimal target for a correction, where most of the traders usually open their deals. In....
The upward trend continues to form. What point will be critical for that trend? Will the upward trend hold? As long as the trend’s structure stays intact, the upward movement will continue. If the Bears take the advantage, there will be a natural turn to decline. That is possible to happen at the level of $11.5. That resistance is most likely to serve as the starting point for a turn to decline, provided the price holds. But as long as the trend isn’t disrupted, it will continue going up. The next top target right now is the medium-term level of $12.4. The key point protecting the upward....