Ethereum

Ethereum Price May Hit Worst Case in Q4 – Here’s The Potential Targets

Published by
Elena R

Apart from the general market decline, which held ETH at the cycle lows, there were both positive and negative responses to the buildup to The Merge. About 4.19 million ETH worth $5.32 billion had already been sold by holders prior to the event on September 15.

However, investors started purchasing ETH again immediately after The Merge, and within a week, 1.15 million ETH, totaling $1.46 billion, departed the exchanges.

Unfortunately, the price of ETH started to decline instead of rise, and at the time of writing, it was trading below $1,300. A number of long-term investors (LTHs) were also seen shifting their holdings, erasing more than 1.26 billion days in the process. These days are essentially the quantity of ETH that investors own times the number of days since their previous transfer.

The next targets…

For short-term traders who engage in scalping or intraday trading, the first of these is appropriate. Since the level has been tested numerous times since July for higher lows, $1,426 has been identified as the crucial resistance on the 4-hour chart. By doing so, ETH will also be directly above the downtrend wedge, the second significant barrier.

This downtrend, which has been in place since the last all-time high in November 2021, has previously been tested multiple times and, despite being breached, has not yet turned into support. ETH will therefore be on the way to testing the third and most significant resistance – the 23.6% Fibonacci level – if it succeeds in doing so this time.

This Fib retracement of the slide from $3,520 to $996, which coincides at $1,591, is expected to serve as the starting point for a rebound. As long as there are no bearish signals before the start of the new year in 2023, ETH may be on the road to performing better if it recovers during the following seven days.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Recent Posts

Binance CEO CZ and SBF Drop Truth Bombs Amid Their Twitter Spat, Here Are The Latest Developments

The feud between Binance CEO CZ and Sam Bankman-Fried continued after CZ accused SBF of…

December 9, 2022

47% of Bitcoin Owners’ Gains From the Peak Bull run Now Erased

While Bitcoin is attempting to recover its losses after the recent FTX meltdown, data indicate…

December 9, 2022

Bitcoin (BTC) Whales Continue To Sell Their Holdings- What’s Going On?

Bitcoin's price has been trading above $17,000 since the early hours of the day and…

December 9, 2022

Controversy Brewing? Coinbase Urges Users To Switch To USDC from USDT!

Recently, there has been a significant amount of worry over the credibility of Tether (USDT).…

December 9, 2022

Altcoins to Lookout For, Amid the Low Volatile Market Conditions

Altcoins in recent times have been more robust compared to that the star crypto Bitcoin…

December 9, 2022

Is Cardano Independant of Bitcoin? What Should Investors Expect from ADA Price in 2023?

The bearish action in the cryptocurrency market appears to have eased, but Cardano's price remains…

December 9, 2022