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ETHUSDT

ALTS that will SURVIVE 2024 - and BEYONDIn today's post I'd like to invite you to add the alts YOU think will survive, and why. Add in the comment section! Incase you missed yesterdays post... I remember the good 'ol days, when the amount of options you had was limited to one hand. First there was Bitcoin. Then came ETH, LTC, XRP and BCH (Bitcoin Cash). And a few other's later came like Bitcoin Gold and CRV. But oh man, were those the days. Crypto felt oddly "safer" back then, despite mt gox and pyramid schemes running rampant. Because today - the enemy is actually in the camp... New alts are being released every hour (probably more) and it's just the one airdrop to the next rug. Lot's of progress has been made in this space which is blockchain, but we're still not really seeing the original promise of Bitcoin being fulfilled (fast and affordable cross border payments, ) amongst others. Today, it has become close to impossible to separate the crop from the cream in terms of coin accumulation. If you bought BTC two years ago, or ETH, or LTC - you'd currently be in profit. However, some alts don't even exist for a month after release date never the less a year or more. So let's talk about which altcoins I believe have a future FOR SURE. Remember that this is a highly debatable point; but I am going to point out the few that I believe will survive (at least past year and possibly beyond). 👉1) Bitcoin Bitcoin is not an altcoin, it is the original crypto. The KING. The first commandment and promise of a fair, open and transparent future on the blockchain. BTC's price may be overvalued occasionally, but it will always have the benefit of being first. And with so many institutional investors, I think it's a safe play for the foreseeable future. 👉 2) Ethereum King of the alts, first of it's kind. Ethereum is the world's first smart contract platforms which remains the most popular choice among developers even today. Following Bitcoin's decentralized concept, Ethereum has become a leader in smart contract platforms and dApps. Eth is here to stay. 👉 3) Solana Competitor now to Ethereum, SOL has previously surpassed ETH (not in price). With over 95 million transactions daily, Solana has become the fastest blockchain and recently surpassed Ethereum in Total Economic Value. Many devs prefer Solana, and I believe it will stick around for the foreseeable future. 👉4) Dogecoin I hate how dependent Doge is on Elon Musk. But, for some reason, Mr Musk has a fascination with Doge and has promised many times to include it as a payment option on X (formerly Twitter). Even though it seems like a pie in the sky, something like that would significantly increase the value of Doge. I don't see it as a "forever" coin, but definitely on the list. I think a key point to note here, is that back then, they (the founders) were doing something revolutionary. They were and are the titans of the industry. Today, anyone with GPT can create a functioning alt that "serves a purpose" or has "fundamental use case" in some way. It's true that AI is revolutionary, and I am very bullish on the concept of AI and the promise of automation for human kind. But this far, it hasn't been profitable, yet. OpenAI makes losses and cryptoai is just leveraging off the larger AI, or the concept thereof... Sure, there are privately trained models, but at the current moment it takes a tremendous amount of resources (time, money, physical space) to do DL or Machine Learning, which if OpenAI cant make profitable... then neither can the cryptoai created by john, steve and bob. 10 Other ALTS that will probably make it past this year: 1) Shiba Inu (because people love it) 2) XRP (because many can't let go) 3) Cardano (because it has a cult following) 4) BNB (Binance supporters maybe?) 5) Chainlink (because oddly enough it's survived for this long) You wouldn't catch me dead holding those 5, but still - I do believe they will survive for some time still. Now, coins that I will actually buy and hold: 6) Kaspa (potentially a revolutionary alt) 7) Render (potentially an ai winner) 8) Monero (still the best privacy coin) 9) Sei (potentially a revolutionary alt) 10) Aave (still the best for borrowing and lending) Don't miss the message here - you can still TRADE altcoins. There are good trading opportunities and setups even for the worst alts. I know this because we trade them daily. But this post is not about trading opportunities - it's about the future, potentially the far future. Who will likely survive and why. Alts that may be worth accumulating an that probably won't rug in a month's time. I hope you can take it for what it is intended to be! ______________________________
Long
by CryptoCheck-
4
ETH → The resistance area will not be able to Resist!hello guys. let's analyze Ethereum coin. 1. Price Action & Market Structure: - The price has been in a downtrend, followed by a strong bounce from a key support level around 2,527.05 USDT. - A bullish channel has formed as the price is making higher highs and higher lows, indicating a potential recovery in progress. 2. Key Levels: - Flip Area: The chart notes a flip area where the price was expected to move downward but instead failed to do so, suggesting this level has turned into a strong support. - Target Area: The chart identifies a target area of around 3,081.55 USDT. This area is likely a resistance level where the price could encounter selling pressure if it continues to rise. 3. Bullish Channel: - The price is moving within a rising channel, with a potential bullish continuation if the channel is maintained. The channel suggests the price could continue to rise, with pullbacks likely finding support near the lower trendline of the channel. - The chart projects a possible movement pattern within this channel, suggesting the price may pull back slightly before moving higher toward the target area. 4. Projection: - The price is likely to continue its upward trajectory within the bullish channel, with a potential target around 2,816.25 USDT first and then 3,081.55 USDT. - A break below the channel could indicate a potential bearish reversal while maintaining the channel, which could see further upside. Summary in Bullet Points - Bullish Channel: Price is currently moving in a rising channel, indicating a bullish recovery. - Key Support: Strong support around 2,527.05 USDT, previously expected to push the price down, has held firm. - Resistance Levels: Watch for potential resistance at 2,816.25 USDT and the target area around 3,081.55 USDT. - Outlook: As long as the price stays within the channel, the outlook remains bullish with possible targets above. ___________________________ ✓✓✓ Always do your research. ❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them. ❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
Long
by melikatrader94
5
(Update) !!! ETH Daily Chart Analysis : Bull or Bear ? (READ)BINANCE:ETHUSDT ✨After the fifth bullish wave, ETHUSDT has completed his corrective waves (ABC) , now it is time to start the five bullish waves ,now finished first wave and ETH is in the Megaphone. ✨Traders, if you liked this idea or have your opinion on it, write in the comments, We will be glad. _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ✅Thank you, and for more ideas, hit ❤️Like❤️ and 🌟Follow🌟! ⚠️Things can change... The markets are always changing and even with all these signals, the market changes tend to be strong and fast!!
COINBASE:ETHUSD
by CobraVanguard
5
ETH/USD Secondary trend. Bullish triangle. Breakout. Target 96%Logarithm. Time frame 1 week (less is not necessary). Horizontal accumulation channel has reformatted due to price holding near the meridian zone of the 1500 level into an ascending triangle (bullish triangle). Linear for clarity. Locally breakout zone. Time frame 1 day Fractals. Underperformance due to liquidity and capitalization. Similar things are developing only more slowly (liquidity) as recently in SOL/USDT. SOL/USDT Secondary trend (part). Triangle. 1 10 2023 Already almost +150% off the breakout. ETH will be a bit off due to timing, but the gist is similar.... Or in the past LISK/USD in the distant 2020 (Interest is different due to liquidity) LISK/USD Major trend. Triangle. 24 12 2020 +325% On growth always wait for correction, on fall for growth (reversion), such is the psychology of behavior of most market participants. . Memo to the hamster. Sometimes staying out of the market is the best strategy. [/b By the end of 2024 the price with "high probability" for this bankable super centralized cryptocurrency will be over $10k. In 2025 in the distribution zone (trend highs) over 20k. Risk Management. . There will very likely be a “super takeout” (emphasis added, this is a logical “as always” probability). Look at a chart of ether or bitcoin and think about when it is more rational to do this. Probably, it will seem like everything is "going to hell", treat it coldly, buy back in installments with a grid of orders from the profit that will be in the near medium term. But, it does not change the above described target of the cycle of “participation” and “distribution”. When the price falls—the majority of market participants expect prices to rise or at least return to the past maximums. When the price rises—the majority, "according to the habit of previous self-deception" expects prices to fall.... The greater the price growth, the greater the expectation, up to the "point of breaking the opinion" (when it is already necessary to do everything the other way around). A perfect scheme of making money on the expectation of the majority.
BITSTAMP:ETHUSDLong
by SpartaBTC
23
Ethereum Weekly Analysis: Bulls are Coming! (READ CAPTION)By examining the #Ethereum chart in the weekly timeframe (logarithmic), we observe that last week, the price entered the desired demand zone and, after dropping to $2110, encountered buying pressure again. Currently, it has managed to rise over 20% and is trading around $2500. As you know, this support level is crucial for the beginning of the next bullish trend, and if the price stabilizes above this zone, we can expect further upward movement to higher levels.
Long
by ArmanShabanTrading
1
Ethereum Outlook ICT ConceptsEthereum Analysis 💰 Welcome to Your Channel! Welcome to our channel where we delve into the intricacies of financial markets. Today, we focus on ETH/USDT, dissecting its current price action to uncover strategic trading opportunities. Join us as we analyze key levels and market dynamics, aiming to refine our trading strategies and maximize potential gains. 💡 Previous Analysis Review: In the last analysis, Ethereum experienced a significant sell-off, taking out the previous month’s low (PML) and capturing sell-side liquidity (SSL). Following this move, Ethereum expanded higher, and the price is now consolidating in a crucial range. 📍Current Market Overview: Ethereum is currently trading around 2,649.20, navigating within a critical zone marked by a buy-side liquidity (BSL) and sell-side liquidity (SSL). Additionally, a 4-hour Fair Value Gap (FVG) exists around the 2,370 level, presenting a potential area for price retracement. 🔍 Identifying Key Levels • PML (Previous Month Low): 2,645 – recently swept. • PMH (Previous Month High): 3,567 – a possible target on a bullish breakout. • PWH (Previous Week High): 3,385 – key resistance level. • BSL (Buy-Side Liquidity): Around 2,706 – acting as resistance. • SSL (Sell-Side Liquidity): At 2,535 and 2,206 – significant support levels. • 4H FVG: Located around 2,370 – potential retracement zone. 📊 Key Considerations • Current Price Position: Ethereum trades at 2,649.20, close to the BSL level. • 4H FVG Reaction: A 4-hour FVG at 2,370 is a critical level to watch for price reactions. • Consolidation Phase: Ethereum is consolidating, suggesting an impending move. 📈 Bullish Scenario A bullish scenario might unfold if: • Retracement into the 4H FVG: Price could retrace into the 4H FVG at 2,370 and find support, potentially leading to a rally. • Sweep of SSL: A sweep of the SSL at 2,535 or lower could indicate a liquidity grab, setting the stage for a move higher. • Formation of Higher Lows: If the price establishes higher lows above the SSL, it may signal a bullish continuation. 📉 Bearish Scenario A bearish scenario could develop if: • Sweep of BSL: If the price sweeps the BSL at 2,706 but fails to hold above it, it could indicate a bearish reversal. • Break Below 4H FVG: A break below the 4H FVG at 2,370 might suggest further downside potential. • Lower Time Frame Confirmation: Watching for confirmations on lower time frames could provide early signs of a bearish trend. 📊 Chart Analysis Summary • Bullish Expectation: A successful retracement into the 4H FVG or a sweep of the SSL could provide a foundation for a bullish rally. • Bearish Expectation: A sweep of the BSL without sustaining the level or a failure at the 4H FVG could lead to further declines. 📝 Conclusion: Ethereum's price is positioned at a crucial juncture, with potential for both bullish and bearish outcomes. Monitoring the reactions at the BSL, 4H FVG, and SSL levels will be key to understanding the next market direction. 🙏 Thank you for joining us! Exploring ETH/USDT today highlighted the importance of effective risk management in trading success. Prioritize research, implement robust strategies, and seek guidance for confident market navigation. Stay tuned for more insights on our channel. Here's to profitable trading and continuous learning! ⚠️ Disclaimer The information provided here is for educational purposes only and should not be taken as financial advice. Always conduct your own research and consult a licensed financial advisor before making any investment decisions.
by RealArmin
2
ETH biggest whales accumulation BITSTAMP:ETHUSD Possible Targets and explanation idea ➡️2 indicators from my set. The best for swing trading and investments zones ➡️ADZ (lowest indicator) showing we got biggest whales accumulation ever at 880$ ➡️Fib retracement end of bull run was in April-May 2021 not in Autumn 2021. Open charts 90% of altcoins and you'll understand ➡️Tested -0.27 zone (historically on Weekly its an accumulation and last capitulation) ➡️Trade almost one year under and around Fundamental price and Buy line based on my Take profit indicator. Yellow line ➡️Take profit line now at 3212 around 0.5 and 0.618 level by fib. Hope you enjoyed the content I created, You can support with your likes and comments this idea so more people can watch! ✅Disclaimer: Please be aware of the risks involved in trading. This idea was made for educational purposes only not for financial Investment Purposes. --- • Look at my ideas about interesting altcoins in the related section down below ↓ • For more ideas please hit "Like" and "Follow"!
BITSTAMP:ETHUSDLong
by Crypto4light
ETh → a high timeframe analysishello guys! the news forced the price dump! 1. Double Top Completion: - Description: The double top pattern projected a target of $2,100, which the price has successfully reached. This indicates that the bearish move triggered by this pattern has played out. - Outcome: Since the target has been met, the selling pressure may decrease, and we could see consolidation or a potential reversal. 2. Current Support Zone: - Description: The price is now hovering slightly above $2,100, at around $2,280. This area could act as a new support zone, especially since it aligns with the long-term upward trendline. - Outcome: If this support holds, the market may enter a consolidation phase, with potential for a bullish reversal if buying pressure increases. 3. Next Potential Move: - Bullish Scenario: If the price continues to hold above the $2,100-$2,280 support range, and if it breaks above the nearby resistance zone ($2,500-$2,700), it could signal the start of a new upward move, potentially targeting higher levels like $3,000 or beyond. - Bearish Scenario: If the support around $2,100 breaks, the price might test lower levels. The next significant support could be around $1,800, which was previously highlighted as a strong support zone. Summary: - Completion of Bearish Move: The target of $2,100 being hit marks the completion of the double top pattern's bearish move. - Critical Support Level: The $2,100-$2,280 zone is now a critical support area to watch. - Market Direction: The next direction will likely depend on whether the price can hold this support and break above resistance, or if it will fail and move lower. Traders should monitor these levels closely to gauge the market's next move. ___________________________ ✓✓✓ Always do your research. ❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them. ❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
Long
by melikatrader94
7
ETH's Situation: What Shall we Expect !!!The price felled to PRZ zone. and now price can react to PRZ zone and then rise up. ✨Traders, if you liked this idea or have your opinion on it, write in the comments, We will be glad. _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ✅Thank you, and for more ideas, hit ❤️Like❤️ and 🌟Follow🌟! ⚠️Things can change... The markets are always changing and even with all these signals, the market changes tend to be strong and fast!!
COINBASE:ETHUSDLong
by CobraVanguard
1
ETH looks still bearishEthereum is constantly making lower H's and L's. The larger structure is bearish as you can see. You can look for sell/short positions in the premium range. We are looking for sell/short positions in the supply range. Closing a daily candle above the invalidation level will violate the analysis. Note that the financial market is risky, so: Do not enter a position without setting a stop and capital management and confirmation and trigger. When we reach the first TP, save some profit and try to move the stop continuously in the direction of your profit. If you have any comments please post them, comments will help us improve our performance Thanks
by iMoneyTeam
ETH/USDT 1-day chart update:! ETH/USDT 1-day chart update: ETH has broken below a crucial support level, indicating potential further declines. The price is close to a crucial ascending trendline, which could act as a bounce back with potential resistance around $2,800 if the trendline holds. If the trendline fails, the price could drop to around $2,000. Monitor trading volumes to gauge the strength of the current move. Check RSI levels for oversold conditions, which could signal a potential reversal. Traders should remain cautious and keep an eye out for any signs of trend reversal or continuation. Remember: This is not financial advice. Stay tuned to us for further updates and analysis. Thank you!
Long
by CryptoSanders9563
ETHUSDT.1DIn my analysis of the Ethereum (ETH/USDT) daily chart, I've identified key technical elements that are crucial for understanding the current market dynamics. Firstly, it's important to note the failure of the Ichimoku calculation, which may necessitate reapplication or adjustment for a clearer analysis. The Moving Average Convergence Divergence (MACD) shows a strong bearish momentum, indicated by the significant separation between the MACD line and the signal line, with the histogram trending downward. This suggests that the selling pressure has been increasing, potentially leading to further declines if not reversed soon. The Relative Strength Index (RSI) is currently at 37.42, which is below the midline of 50 but not yet in the oversold territory (below 30). This positioning indicates that while there is bearish momentum, there might be room for further downward movement before the market is technically considered oversold. From the price action, we observe that ETH has recently broken below the support level at $3,043, now acting as resistance (R1). This breakdown could signal a continued bearish trend towards the next support level (S1) at $2,126.90. If this level fails to hold, the decline could extend further, potentially testing much lower supports. For potential recovery scenarios, ETH would need to reclaim and stabilize above $3,043 to alleviate immediate bearish pressure. A move above this level could open the path towards the next resistance at $4,105.80 (R2). However, given the current market conditions indicated by the MACD and RSI, such a bullish reversal might require significant volume and positive market catalysts. In conclusion, the current technical setup suggests caution for ETH traders, with an emphasis on monitoring the $2,126.90 support level closely. A break below this could lead to significant losses, while a recovery above $3,043 might signal a short-term bullish reversal. As always, it's crucial to consider external market factors and news that could influence price movements beyond what technical indicators alone can predict.
by MarsSignals
ETHUSDT - UniverseMetta - Analysis#ETHUSDT - UniverseMetta - Analysis Clear boundaries of the sideways trend in which the price has been since March are visible. There was also a withdrawal of liquidity from the February lows. You can try to add an asset to your portfolio. For speculative positions, we can consider H4, the formation of a 3-wave structure in continuation of the upward movement, to the upper border of the sideways trend. If the price fixes above the border and retests the level, it will be possible to consider purchases with a target of 6084. To cancel the idea or purchase additional assets, it is better to consider a breakout of the nearest minimums. Target 3700 - 6084
Long
by Trade-U-Metta
#ETH/USDT WEEKLY CHART ANALIYSIS !The ETH/USDT weekly update shows a bearish breakdown below a key support level, with the price currently at $2,502.09. Ethereum is approaching an ascending trendline, a crucial support level. Failure to hold this level could cause the price to drop to around $2,000. Conversely, a bounce off this trendline could face resistance at the previous support level of $2,800. Traders should keep an eye on volume and RSI signals to gauge the strength of the current downtrend and potential reversal points. Remember: This is not financial advice. Stay tuned to us for further updates and analysis. Thank you!
by CryptoSanders9563
Next Volatility Period: Around August 14th - 18thHello, traders. If you "Follow", you can always get new information quickly. Please click "Boost" as well. Have a nice day today. ------------------------------------- (1M Chart) You can see that the 2531.05 ~ 0.382 (2647.80) section is an important section. If it falls in this section, it is likely to turn into a downtrend in the long term, so be careful when trading. - (1W chart) If it falls in the 2531.05 ~ 0.382 (2647.80) range, it is likely to eventually touch the HA-Low indicator on the 1W chart. Therefore, as the price falls, we need to check at what point the HA-Low indicator is generated. If not, it is expected to fall to around 1340.12, where the HA-Low indicator is currently located. However, we need to check for support near the 2159.00 point (the bottom point of the HA-High indicator box on the 1M chart) and the 1783.0 point (the top point of the HA-Low indicator box on the 1W chart). If it rises, it is likely to face resistance near 3265.0-3321.30, so we need to check for support. - (1D chart) It is a medium-term rising channel, that is, it has entered a short-term falling channel while falling from the rising trend line (1) ~ (2) section. This short-term falling channel is a channel made up of high-point trend lines. Therefore, if it falls from this channel, it is thought that it is likely to record another large decline. That is why the key is whether there is support near the 1783.0-2159.0 section. - When making new purchases, it is recommended to check whether there is support near the HA-Low indicator on the 1D chart if possible. Currently, the HA-Low indicator is formed at the 3079.59 point. However, since there is a high possibility that a new HA-Low indicator will be created depending on price fluctuations, I think it is better to wait for it to be created at some point. - The time to buy is when StochRSI > StochRSI EMA and the StochRSI indicator is out of the oversold zone, and you can proceed by checking whether there is support at the support and resistance points. Currently, I think it is most likely to check whether there is support above the 2531.05 ~ 0.382 (2647.80) range. If it falls, 1st: 2159.0 2nd: 1783.0 You should check whether there is support near the 1st and 2nd above. - Have a good time. Thank you. -------------------------------------------------- - ​​Big picture It is expected that a full-scale uptrend will begin when it rises above 29K. The range expected to be touched in the next bull market is 81K-95K. #BTCUSD 12M 1st: 44234.54 2nd: 61383.23 3rd: 89126.41 101875.70-106275.10 (overshooting) 4th: 13401.28 151166.97-157451.83 (overshooting) 5th: 178910.15 These are points where resistance is likely to occur in the future. We need to check if these points can be broken upward. We need to check the movement when this section is touched because I think a new trend can be created in the overshooting section. #BTCUSD 1M If the major uptrend continues until 2025, it is expected to start forming a pull back pattern after rising to around 57014.33. 1st: 43833.05 2nd: 32992.55 -----------------
by readCrypto
Continued decline?Ethereum is in a strong downtrend and has been unable to break through key resistance levels. This indicates continued selling pressure and decreased investor confidence. Support and Resistance Levels: $3110 Level: This is a key resistance level that the price has been unable to surpass and has sharply declined after hitting it. $3000 Level: This level also acted as resistance, and after breaking below this level, the downtrend continued. $2850 Level: This support level was also broken, and the price has reached $2677. $2677 Level: This is an important support level that, if broken, could lead to further price declines. $2170 Level: This is the lowest support level currently, with the price near this level. If this level is also broken, further declines in Ethereum's price may be observed. Ichimoku Cloud and Downtrend: As long as the price remains below the Ichimoku Cloud and key resistance levels, the likelihood of the downtrend continuing is higher. Breaking through these levels could indicate a return of buyer strength and a potential trend reversal.
by MonoCoinSignal
Jul.30-Aug.5(ETH)Weekly market recapAfter the release of employment data last Friday, the Sahm rule was triggered and the FUD of recession swept through various financial assets. The stock market and BTC both suffered a very significant correction. But is this really the case? After the employment data was released, BTC and US stocks were the first to react, with US stocks remaining volatile after opening lower on Friday. BTC dumped over the weekend and drove the Asia-Pacific stock market. But gold did not rise. Even under the dual momentum of Iran's potential attack on Israel and recession expectations, it only fluctuated and did not price recession. Another point that has been ignored by the market is that as a leading indicator of recession, U.S. bond yields have been inverted for a long time. The market once priced in a recession in 2023 because of the inversion of U.S. bond yields, but now ignores it at this point. We don’t deny the recession. But we may have already been in it, and the market’s reaction was too violent, at least for BTC and Asia-Pacific stock markets. The volatile upward trend of U.S. stocks after opening lower on Monday, as well as the pullback of XAUUSD, prove this view. Therefore, from a macroeconomic perspective, we do not believe that there is room for further dumping of various financial assets, or that bullish strategies are better than bearish ones. The decline of ETH is much greater than that of BTC. This may be because a large amount of ETH is staked in the protocol, which indeed increases the liquidity but the volatility. ETH has wiped out almost all of its gains from 2024, and it’s hard to imagine this in an environment where an ETH ETF is listed. But in any case, ETH also had a long downward pin-bar, and the bulls strengthened. Judging from the indicators, there have been signs of whales participating in transactions in the past two days, which means that whales have been bargain hunting after ETH fell. The ME indicator has turned bearish. To sum up, we believe that ETH may mainly fluctuate this week, and the downward trend is more likely than the upward trend. We lower the support level to 2400 and the resistance level to 2800. Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies. Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
COINBASE:ETHUSD
by Sypool
Why Ethereum needs to cross $2.5K to turn bullish againEthereum (ETH) plummeted to the January lows over the past few hours. Its descent below $2.9k was followed by a 27.5% drop over the next 12 hours. At press time, ETH has bounced to $2366 from the $2.1k lows, a 12.17% bounce. The smart money that bought close to $20 million when prices were at $2.9k and $3.1k has not been correct this time, smudging a previously perfect track record. The price crash of the past couple of days was brutal. In just the last 24 hours, Ethereum markets saw $346.5 million worth of liquidations. The daily RSI fell to 19, the lowest since 18th August 2023. The daily session has not yet closed, but as things stand, the rally earlier this year has been wholly retraced. The $2.5k-$2.6k zone is likely to serve as resistance on the way upward. The OBV formed a new low to encapsulate the idea of extreme selling volume. The day’s trading volume is 1.55 million ETH and counting, the highest in 2024. While it might be a good reason to buy, more conservative traders and investors would want to see prices reclaim key support zones and stay above them for a few days before they’re confident enough to bid. Market crashes like these are not a good time to be in a leveraged trade, as 270k+ crypto traders found out over the weekend. The Open Interest has fallen from $9.9 billion on the 3rd of August to $7.35 billion at press time. A bounce toward $2.5k was possible, but the New York trading session can see added selling pressure.
by paul_endeo