Bitcoin

Will ETH Really Drop to $1,000? (Ethereum Price Analysis)

2 Mins read

Ethereum’s price has been making lower highs and lows recently, following a decisive reversal from the key $2,000 area. Considering the current market structure, more downside can be expected.

Technical Analysis

By Edris

The Daily Chart

On the daily chart, the price has recently broken below the $1,650 support. However, this level is currently being retested. A further bearish continuation is likely if the price fails to climb above the broken level soon.

The recent bearish crossover between the 50-day and 200-day moving averages is also a negative signal, indicating the potential beginning of a downtrend in the coming weeks.

eth_price_chart_1309231
Source: TradingView

The 4-Hour Chart

Looking at the 4-hour timeframe, it is evident that after weeks of testing the $1,650 support zone, the price has finally broken through and is currently pulling back towards it.

If the market rises above the $1,650 level in the coming days, a rally toward $1,750 is imminent. Otherwise, a deeper decline would materialize, spreading fear among investors and making them wonder if the bear market may not be over yet.

eth_price_chart_1309232
Source: TradingView

On-Chain Analysis

By: Edris

Ethereum Taker Buy Sell Ratio

Over the past few weeks, Ethereum’s price has been trending down after being rejected from the $2,000 resistance level multiple times. Analyzing the futures market sentiment can provide insights into the current situation.

This chart shows the taker buy-sell ratio with a 30-day moving average applied to enhance visualization. The metric indicates whether buyers or sellers are executing their orders more aggressively. Positive values are associated with bullish sentiment, and negative values are considered bearish.

This metric has been trending in the negative region over the past few months, indicating that futures market traders are bearish on ETH. As long as this is the case, there is a low probability of a bullish reversal in the short term.

eth_taker_buy_sell_ratio_chart_1309231
Source: CryptoQuant
SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



Source link

Related posts
Bitcoin

Shiba Inu Team Member Shares Update On SHIB Eternity Game, TREAT Token

2 Mins read
A recent update has revealed that the Shiba Inu team has been hard at work behind the scenes getting everything in place…
Bitcoin

Unveiling Bitcoin’s Drop To $65,000: Here’s How Much BTC Miners Sold

2 Mins read
Bitcoin has faced a significant amount of selling pressure over the past week, according to the latest on-chain data. Expectedly, this bearish…
Bitcoin

Innovative Block Size Upgrade Takes Spotlight at Bitcoin Cash Bliss Conference

1 Mins read
Following the BCH Bliss conference, a focal event for Bitcoin Cash enthusiasts held May 14-15 in Ljubljana, Slovenia, Jonathan Silverblood introduced a…

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *