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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Tries To Keep Luster As ETH Moves To Narrower Trading Range

Christian Encila
Christian Encila
2 years ago
2 mins read
Ethereum

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Ethereum, the world’s second biggest cryptocurrency, has continued its downward trajectory, passing through the $1,200 level.

To date, the exchange rate has reached $1,170.49. Data from CoinGecko shows that the coin has been trading at a loss on a weekly basis.

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Here’s a quick glance at how ETH has been performing:

  • The price of ether is currently below the $1.2k range
  • Investors are preparing to sell, as shown by the high exchange netflows
  • If the bears manage to push beyond the $1,152 support level, the next important support is located at the $906 level

After initially plunging as rumors of an impending FTX collapse hit the market, the price eventually settled into a sideways trend and has remained there since. However, the trading range for this sideways movement is beginning to contract.

The formation of a relief rally is being jeopardized by the current trading range. More losses are on the way for the Ethereum market, therefore would-be buyers and sellers of ETH should proceed with caution.

Ethereum Relief Rally In The Offing?

As the Bollinger band constricts around the $1,199 price range, the chance of a relief rally increases.

ETH has been trading between $1,306 and $1,092.85 as of this writing. As the Bollinger band shrank, so would this.

In addition, CryptoQuant observes a high exchange netflow, which indicates an increase in exchange reserves. This signifies that traders and dealers are preparing to sell their ETH.

The RSI statistics provide support for the bears. Currently, the data are crossing each other bearishly and going towards the oversold region.

However, when the RSI recovers over the next few days or weeks, investors and traders could use this to their advantage for a little price increase.

In contrast, the MFI indicator swings in opposition to the downward trend, indicating a possible turnaround.

Steering Clear Of The Ascending Triangle

Previous price fluctuations have produced an ascending triangle with a narrow base. This is followed by a bearish breakout, which in this case might occur around $1,152.

ETH bulls should then keep an eye on the $1,152 support, as a breach here might portend further losses.

A bearish breach below the indicated support level will likely bring the price below ETH’s important support at $906.

Despite the fact that such a decline would be catastrophic for ETH investors, short positions would profit substantially in an otherwise unfriendly crypto market.

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ETH total market cap at $143 billion on the daily chart | Featured image from TradeMap, Chart: TradingView.com
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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