As a seasoned crypto investor with a decade of market experience under my belt, I’ve seen my fair share of ups and downs, bull runs, and bear markets. The recent Ethereum price action has caught my attention, particularly the crucial demand zone between $2,314 and $2,435 highlighted by Ali Martinez.
In simpler terms, the second most valuable digital currency, Ethereum, has shown a significant area of interest for potential buyers as it experiences a bearish pattern known as a “death cross.”
Based on insights from crypto analyst Ali Martinez, a crucial support level for Ethereum has been identified, falling between approximately $2,314 and $2,435. This zone is significant because it’s where over 2.14 million Ethereum addresses hold around 51.67 million ETH collectively.
As a crypto investor, I’ve noticed an ominous development in my Ethereum holdings: the dreaded “death cross.” This technical pattern signals potential bearish momentum and occurs when a short-term moving average (in this case, the 50-day Simple Moving Average) falls below a long-term moving average (the 200-day Simple Moving Average). This ominous crossover has materialized on my Ethereum daily charts. I’m keeping a close eye on the market to gauge if this could be a precursor of a longer-term downtrend.
Based on my personal experience and observation of the cryptocurrency market, I believe that at the current moment, Ethereum (ETH) is showing positive signs as it trades at $2,595. From a technical standpoint, I have learned over time to pay close attention to crucial demand zones like the one highlighted in this case.
Ethereum price jumps
On Friday during trading, Ethereum – currently the second-largest digital currency in terms of market value – peaked at a price of $2,708. This surge came as part of the overall cryptocurrency market recovering some of its losses from the dip on Monday.
Following the release of jobs data on Friday that fueled concerns about a potential recession in the U.S., triggering a downturn on Wall Street, digital assets started off the week on a downward trend. On Monday, the Japanese yen appreciated significantly against the U.S. dollar, leading to an increase in risk-averse behavior.
In the interim, it appears that worries over the U.S. economy have lessened somewhat, as data published on Thursday indicated a decrease in unemployment benefit applications compared to the prior week.
Currently, Ethereum’s daily price increase stands at approximately 3.05%, as per CoinMarketCap. However, over the past week, its value has dropped around 18%.
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2024-08-09 18:30