Ethereum goes down again after Shappella update?- There Shappella update enabled duringEthereum to climb up to $2,140. At the moment, ETH is unable to hold the psychological level of $2,000. THE altcoins stay fragilelike the Binance Coin which continues to move below the weekly resistance at $330. Buyers seem to be falling asleep. Are sellers taking back control? Can Ethereum recover the $2,000 level? Let’s take stock of the situation regarding altcoins.
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On a weekly basis, Ethereum regains bullish momentum
THE ethereum price is again bullish weekly according to the Dow theory. Indeed, the price closed above the high at $2,030. And this makes it possible to relaunch a dynamic with bottoms and rising tops on a weekly basis.
Price is moving above the polarity level around $1,900. This is a very important technical level which has already served as a level of support or of resistanceand this, several times:
- February 2021: following a new all-time high for ETH, the price is dismiss two times around $1,900 ;
- May 2021: the course fall close to 60% after finding a best local around $4,350. The level at $1,900 allowed to bounce and make a new all-time high.
- June 2022: the level of bracket gives way and the course records a fall additional 50%.
For buyers, this technical level must be maintained. If so, a move back to the resistance level at $2,400 is possible. For now, buyers have their hands on this asset. THE ROI moves above the bearish trendline and the dynamic East bullish. Buyers control the momentum of this asset.
Rejection at $2,100 4-Hour Resistance Level for Ethereum
The price of ETH has been made dismiss at the level of resistance at $2,100. Also, the 2000 dollar bracket did not allow the course to relaunch.
Price may find a bounce at the next support level at $1,850. There dynamic is now bearish in the very short term. We will have to wait to find a momentum with troughs and ascending peaks to be optimistic on this asset. If the support at $1,850 gives way, the price could reach the next level of support at $1,770.
THE ROI East fragile. It continues to show momentum with bottoms and rising tops below the bearish trendline. The sellers have their hands on the short-term momentum.
Are whales hoarding the prince of cryptocurrencies?
Addresses with more than 10,000 ETH are entities that are capable of impacting the market. These whales have started to accumulate at the end of 2022. As the price rose, the whales were distributing to newcomers.
Recently, the whales seem change behavior. Since the Shanghai update, addresses with more than 10,000 ETH seem to accumulate. We will have to see if the trend continues in the coming weeks.
New rejection coming for ETH/BTC pair?
The ETH/BTC pair is in a monthly range between 0.06 and 0.08 BTC. Currently, she is bounce. The drop below the intermediate level of the range could only be a deviation.
The course seems to draw a DETOUR below the intermediate support of the range. However, the price is still moving below the bearish trendline initiated in September 2022. If the trendline gives way, the ETH/BTC pair could climb to the upper limit of the range. However, if the price falls below the support again, the sellers could bring the price back to the low level of the range. At the moment, the pair is struggling to regain momentum with ascending lows and highs. As long as this is the case, the price will be fragile.
THE ROI tries to break the bearish trendline. A rejection could come in here. However, if the trendline gives way, the price could benefit. Often, when a trendline gives way, volatility gets ready.
Imminent rebound on Bitcoin dominance or upcoming deviation?
The dominance of Bitcoin has been moving in a range since May 2021. Currently, the price is trying to break the 47% resistance.
The price maintains a trend with ascending lows and highs for the time being. If price bounces here and closes beyond the last peak at 48.9%the bullish momentum continue to. In this case, the range could be broken on the upside, and Bitcoin would attract capital. For altcoins, it would take a strong rejection to get back into the mainstream ranges between 47 and 40%.
THE ROI is currently at the bullish trendline. A rebound could occur here allowing the momentum to continue. If the trendline gives way, the momentum could turn bearish again.
Altcoin market capitalization gets pushed back to resistance level at $670 billion
There has been talk for several weeks of a return to the resistance level at $670 billion. The price returned to the level of the resistance and it happened dismiss.
The capitalization of altcoins continues to show a bullish momentum short term. The course is currently at the level of institutional bias (EMA 9/EMA 18) bullish. It could act as a dynamic support. If so, buyers could take advantage of this to break through resistance. Whatever happens, it will be necessary to close above the last $700 billion peak. A close like this would restore a bullish momentum on a weekly basis.
THE ROI continues to evolve above the bullish trendline. As long as this is the case, the price can continue to climb.
The course ofEthereum find a bullish momentum thanks to a close above $2,030 on a weekly basis. We would have to hold the support at $1,900 to continue on the primary momentum. In a 4 hour time frame, the price could find buyers at the support level at $1,850. THE entities having more than 10,000 ETH seem to relaunch a dynamic ofaccumulation. We will have to see if the trend continues. The ETH/BTC pair is bouncing back, but the bearish trendline could act as resistance. If it gives way, the price could return to the level of the top of the range. There dominance of bitcoin moves above resistance at 47%. If dominance continues to climb, altcoins may find it difficult to express themselves. There capitalization of altcoins was rejected at the level of the resistance at $670 billion. However, the price is at the 9 and 18 moving averages, and a rebound could be in place.
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