31-05-2024 ETHsimple breakout from the neckline and breakout of the trend line.. waited for the retest and good volume with buyers entered made good profit overally a good trade with no drawdown..
ETHHEDGEUSD trade ideas
ETH Price Did Not Benefit from the Ether ETF News: Here's WhyETH Price Did Not Benefit from the Ether ETF News: Here's Why
Despite the U.S. approval of several ether exchange-traded funds, Bitcoin (BTC) and Ether (ETH) experienced a downturn in their prices over the last 24 hours.
The Ethereum crypto dropped by 4% post-approval, epitomizing the classic "sell the news" market reaction.
The broader crypto markets including the market leaders Bitcoin (BTC) and Ethereum (ETH) experienced a decline in value amid the positive news approval of Ether ETFs to be listed on the U.S. exchanges.
Following the approval, Ether price saw a decline of 4%, reversing a previous 20% increase over a week driven by the anticipated approval and favorable forecasts for the ETFs' listing.
Despite the positive news about the approval of spot Ether exchange-traded funds (ETFs) in the United States, the BTC and ETH witnessed a sharp fall. Let's try to look into the activities that led to the selloff and how it was possible to anticipate the fall.
A large Chunk Of ETH Transferred to Exchanges
Significant transfers of ETH to cryptocurrency exchanges had captured the market's focus in the past. This move sparked discussions about possible profit-taking, adjustments in investment portfolios, or market speculation.
Over the last couple of weeks, exchanges saw an influx of over 242,000 CRYPTOCAP:ETH into their wallets, signaling a surge in trading activities that could lead to heightened market fluctuation.
Looking at #Ethereum’s balance on exchanges reveals a spike in the tokens available to sell. Over the last two weeks, over 242,000 CRYPTOCAP:ETH have moved to #cryptocurrency exchange wallets. This indicates increased trading activity on exchanges that can contribute to price… pic.twitter.com/vOxV3pkmJq— Ali (@ali_charts) May 24, 2024
Moreover, as per a tweet by Ali Martinez, a technical and on-chain analyst, Jeffrey Wilke, a co-founder of Ethereum, had moved 10,000 CRYPTOCAP:ETH , valued at approximately $37.38 million, to the Kraken exchange.
All these flows of Ethereum from different wallets to the cryptocurrency exchange wallets indicated the intention of the large players aiming to book profits amid the ETF news. The large investors seemed to have taken advantage of the news to rebalance their portfolio thus turning the ETF approval a sell the news event.
What’s Next For Ethereum?
Now that the news has shaken the Ethereum price, it's time to analyze the price chart about what lies ahead for the ETH ahead. as per the daily chart the recent support lies near $3600 above which the bulls may look to defend in the short term.
Moreover, on the higher side, the $3850 may act as a supply zone and act as a hurdle for the bulls on the higher side. The price action seems to be sideways and range bounded until the crypto is maintained in these levels.
Will It open the doors to new all-time high pricesAs of press time, Ethereum has traded at $3,812.6 with a market cap of $457.62 Billion. Ethereum’s price is approaching high-time-frame resistance at $4050, and surpassing would lead it toward $4700. after passing the all-time high of $4700, which was built in November 2021, could open the doors to new all-time high prices.
On the contrary, situation, if the price faces resistance from the nearest resistance, then the price could test the support levels at $3240.0, and $2850.0.
Depends On ETH ETF Approval, Will It Go parablic Like BTCIn terms of an ETH ETF approval, the simple math from the dates of BTC ETF approval and how it performed. The BTC ETF was approved on January 10th, and It could be asserted that in the 63 days following the BTC spot ETF approval it rallied nearly 75% to the upside towards $73,500. Similarly, as per the hypothesis, if the ETH ETF gets approved by SEC, and on applying the similar possible scenario, if this playbook repeats the same percentage upside that bitcoin exhibited, after its approval this would take ethereum to a price at $6,446 in 63 days time.
A Technical Overview Of ETH Ethereum has a market cap of $446 Billion and is ranked 2nd in the crypto verse. The volume of the ETH has surged by 255% in the last 24 hours. The price of ETH has observed a rise of 20% in the last 24 hours. ETH rise is speculated due to the upcoming approvals of the Spot ETF.
ETH is forming strong bullish candles on the daily chart. It is trading above the 50,100 and 200 EMA while looking to cross the new highs. The upside momentum of Ethereum can see a halt near $4000. Meanwhile, the support of the asset price can be observed near $3500
The RSI of ETH is currently at 71 with the strong positive slope suggesting its presence in the oversold zone. The overall sentiment of RSI and MACD are bullish on the daily chart.
ETH Seems Super Bullish..ETH Seems good bet here for buying, ETH has made double bottom in weekly candle around 2800. Buy ETH 3040 with SL 2800, tgt 3170, 3240 , 3330, 3475.
breakout rallies stronglyThe Ethereum price has displayed remarkable fluctuations, initially favoring bulls but shifting to bears. However, recent developments highlight a shift back to bullish sentiment, with a 1.00% rise in price and positive growth in 24-hours trading volume with a 32.59% optimism.
An analyst, Redblack officials, Tweeted with the bullish sentiment on X platform, that a breakout has taken place out of a falling wedge pattern on the daily chart.
Similarly, based on the analyst tweet, the ETH asset daily chart shows that it has been increasing from support and it remains above the 200-day EMAs, which portrays bullish strength in the long term.
Likewise, the MACD portrays a bullish cross, with a rising histogram in ETH at -27.0, and the RSI flashed at 51.48. It portrayed that the crypto is not a losing steam yet and could continue to climb higher in future sessions.
Therefore, if the breakout rallies strongly, then the next goal for the ETH price could be to reach the levels above, such as $3355.0 and $3725.0.
On the contrary, the tweet also stated that if the price plunges and trades inside the pattern again, the bullish pattern would lose its significance and would be invalid.
Likewise, in this scenario, if the Ethereum crypto price fails to stay above the $2855.0 level, it could decline further,as well.
Eterium SHOWING A GOOD SELLING MOMENTUMEterium showing a good falling
Here in ETHUSD you can see a clear-cut neckline formed and the line now ready to break
After the breakout it's give a good move
Also in bitcoin showing a good falling
As you Guys know the move cooperatively
So you can trade with
Adding your analysis
#Ethereum Super Bullish Elliott Wave Analysis Towards $10,000#Ethereum Super Bullish Elliott Wave Analysis Towards $10,000 Target
1️⃣ ((C)) Zigzag Pattern: On the ETH/USDT 1D chart at the cycle degree, wave ((C)) of a Zigzag pattern appears to be unfolding. The projected target for this wave is $3,250.
2️⃣ Diagonal Wave 4: On the $ETH1D chart at the primary degree, Wave 4 down of an ascending Diagonal is currently in progress. The anticipated target for this corrective wave is $3,050.
3️⃣ Diagonal Wave [ ]: On the #ETH 1D chart at the Supercycle degree, Wave [ ] of an ascending Diagonal seems to be developing. The projected target for this significant wave is between $9,000 and $10,000.
Please Correct if I'm Wrong & Must Appreciate if you Happy with My Analysis.
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Stay informed with our detailed technical analysis.
#Ethereum Eyes Retest: #ETH/USDT Key Levels to Monitor#ETH/USDT situation, focusing on the potential retest levels due to decreasing volume and the formation of a bearish shark pattern:
#ETH/USDT Analysis: Decreasing Volume and Bearish Shark Pattern Indicate Potential Retest Levels
### Decreasing Volume
Volume is a crucial indicator of market strength. When the price of an asset rises while the trading volume decreases, it often suggests that the upward momentum is losing steam. In the case of ETH/USDT, the decreasing volume indicates that the buying pressure is weakening, which may limit the potential for reaching higher price targets.
### Bearish Shark Pattern
The bearish shark pattern is a harmonic pattern that signals a potential reversal or correction in the price of an asset. This pattern typically consists of five points labeled as O, X, A, B, and C, and follows specific Fibonacci retracement and extension levels.
For ETH/USDT, the formation of a bearish shark pattern suggests that the price is likely to face resistance and could be due for a retest at lower support levels. The bearish shark pattern, combined with the decreasing volume, strengthens the case for a potential pullback.
### Potential Retest Levels
Given these technical indicators, ETH/USDT might retest certain key support levels:
1. **Retest Around $3,030**
- This level has acted as a significant support in recent trading sessions. If Ethereum's price retraces, it is likely to find initial support around $3,030. If the price manages to hold at this level, we might see a temporary bounce or consolidation.
2. **Retest Around $3,025**
- If the $3,030 support level fails to hold, the next critical support level to watch is around $3,025. This level has historical significance and could act as a stronger support. A retest at this level would be crucial in determining whether ETH/USDT will stabilize or continue its downward trend.
#Conclusion
#ETH/USDT is currently showing signs of potential weakness with decreasing volume and the formation of a bearish shark pattern. Traders should be prepared for possible retests at $3,030 and $3,025. Monitoring key technical indicators and market sentiment will be crucial for making informed trading decisions during this period.
MACD exhibits a bullish crossAn analyst captain Faibik on Tweeted with bulliosh sentiment on X platform, that a breakout is anticipated in wedge pattern and it could send it to $4000 price mark.
Similarly, on observing the analyst tweet, the ETH asset daily chart depicts that, it has been rising steadily and firmly, from support as it remains above the major 200-day EMAs, indicating bullish strength on the long term.
Likewise, the MACD exhibits a bullish cross, with a growing histogram in ETH at -42.9, and the RSI flashed t 52.70, which has been signifying that the asset is not losing its steam yet and could continue to climb higher in future sessions.
Therefore, if the breakout persists, the next goal for the ETH price could be to reach the above levels, such as $3350.0 and $3720.0. However, if the Ethereum crypto price fails to stay above the $2850.0 level, it could decline further.
#ETH/USDT Rebound: Analyzing the Recent Price SurgeThe #ETH/USDT pair has recently displayed a bullish divergence, a key technical indicator suggesting a potential trend reversal. This divergence, coupled with the breakout of a significant trend line, has ignited bullish momentum in the market.
Currently, the price is undergoing a retest of two critical levels at $3065 and $3220. The successful breach of these levels could pave the way for a new all-time high for Ethereum.
One major catalyst for this bullish outlook is the anticipation of #ETF approval for Ethereum. If approved, this could attract significant institutional investment, further driving up the price of #ETH.
It's essential to monitor price action around these levels closely, as a decisive move above them could signal a sustained bullish trend for Ethereum.
ETH SHORTTrendline is about to breach and expecting a worst-case scenario here. Most probably ETH is going to fail the structure this time as it's showing the weakness.
#ETH/USDT Bulls in Control#ETH/USDT pair has recently formed a double bottom pattern, finding significant support within a crucial trend box area. This pattern suggests a potential reversal of the previous downtrend and signifies a bullish sentiment in the market. With the double bottom formation in place, Ethereum is likely to experience upward momentum, aiming to retest the $3000 resistance level. Traders and investors are closely monitoring this development, anticipating a continuation of the bullish trend as Ethereum moves towards challenging key resistance levels. This pattern highlights a shift in market sentiment, with buyers gaining confidence and driving the price higher in anticipation of further gains.
ETH asset price remains highThe ETH crypto is experiencing a surge of 0.27% in the last 24 hours, trading at $3044.3. The price action shows a falling wedge scenario, and bears are failing at $3000 support.
Therefore, if the demand for the ETH asset price remains high, it could bounce back from the current level. The next goal for the price could be is to break out and reach targets like $3350.0, and $3650.0.
However, if the ETH crypto price fails to stay above the $3000.0 level, it could decline further, which could trigger a downtrend.
#ETH/USDT Rebounds Strongly: Golden Ratio at Play#ETH/USDT has formed a double bottom pattern and is currently bouncing from the golden ratio (0.618 Fibonacci retracement level), indicating a strong support level. The next significant resistance level is around $3350. If Ethereum manages to break above this resistance, we could see a further upward movement towards the $4000 mark.
The double bottom pattern is a bullish reversal pattern, suggesting that the price could continue to rise after a period of consolidation or decline. The bounce from the golden ratio adds to the bullish case, indicating that buyers are stepping in at key technical levels.
However, it's essential to monitor the price action closely, as a failure to break above the $3350 resistance could lead to a retest of the support levels. Traders should also consider other factors such as market sentiment, news events, and overall market conditions when making trading decisions.
Ethereum Weekly Chart AnalysisEthereum
===============
-- As bitcoin so is the ETH
-- Pure Range Bound
-- Accumulating below 20
-- Aggressions after Bo of 3900/4000
ETH experienced growth recentlyIn recent times, the Ethereum network had experienced significant changes, with its price structure also showing notable fluctuations in line with the overall market.
The recent Dencun upgrade, also called Cancun-Deneb, was rolled out a couple of weeks ago on Ethereum (ETH) with the aim of enhancing the functionality and performance of the network, (which includes scalability, efficiency, and security), by introducing several improvement proposals (EIP).
Nevertheless, after this improvement, the value of Ethereum (ETH) has dropped, nearing the $3,000 price threshold.
Despite the descending wedge pattern and a lower low structure, ETH experienced growth recently, with a 0.48% increase over the past day.
As of the time of writing, ETH is priced at $3,077.5, as per Trading View data. ETH has experienced a 34.07% increase since the beginning of the year, as well as a 28.96% rise in the past three months, and has recently surpassed the $3,000 mark again.
Based on the analysis, ETH is projected to hit a target of $3,240 and a higher target of $3,370 depending on buyer backing. Not rising could benefit bears, resulting in price declines to $2,895 and $2,740, respectively.
Reaching at 3400ETHUSD is looking for long opportunity after forming corrective formation, expecting target to reach at 3400
ETHUSD sell on rise till recent high not break On Our Harmonic pattern indicator based trade setup take trade as explained below :-
Early trades Buy or sell below/ above 23.6 %, safe trades buy or sell above / below 41% , after taking trade next upside or downside levels will be target ,
When reverse buy or sell signal appear then book profit on Target or trail SL to 23.6 % If trailing SL hit then early trade can be taken above or below 23.6 and safe trade can b taken above/ below 41% ..
Please note:-
It's working on news based and volitile market very well so exit if SL hit
#ETH/USDT FORMED BULLISH SHARK PATTERN #ETH/USDT has recently formed a bullish shark pattern and also displayed a clear bullish divergence, leading to a bounce from the $3100 area to grab liquidity.
Can Ethereum ETF Bring Optimism In The Price?Can Ethereum ETF Bring Optimism In The Price?
In the present scenario, the Ethereum price is witnessing a strong selloff in Intraday, as it has distanced itself from the $3200 level. The crypto is headed to test the rebound level of $3000, dropping more than 5% in Intraday.
The daily chart shows a breakdown of a bearish flag pattern and a rejection from the 50-day exponential moving average. While the $3000 may act as a psychological level and bring some stability, further downside movement cannot be ruled out.
However, recent developments and updates point towards a potentially bright future for Ethereum, which could bring back the optimistic days.
The most recent news that could relieve Investors is about the commencement of Bitcoin and Ethereum ETFs in Hong Kong. This news is a reason for celebration for Hong Kong investors. There is optimism that these ETFs might exceed the $125 million US Bitcoin ETF launch. It might bring back the reversal in Ethereum and the crypto may perform in the next month.
Ethereum Price Slips Further On 4-H ChartEthereum, the world's second-largest cryptocurrency by market capitalization, has been in the spotlight due to recent turbulence in the broader crypto market. Over the past 24 hours, Ethereum's price has fallen by almost 4.62%, causing concern among investors and underscoring bearish sentiments for the asset. At present, it is trading at $3,059, and the volatile price action of the asset aligns with derivatives data, which suggests that market sentiment is bearish.
Coinglass has reported a 4.95% decrease in the ETH token's open interest, and derivatives volume has also plummeted by 51.55%. This data indicates a strong bearish sentiment among investors and traders, which has raised concerns about a potential price correction for Ethereum in the future. Furthermore, the profit-taking behavior during the post-halving rally further reinforces this sentiment.
Daily Chart Analysis Of Ethereum Price
Looking at past price structures over the daily chart, Ethereum's price has seen a massive upsurge, favoring the bulls. The price rose from the demand zone near $1535 by the October 2023 support level and rallied up to $4100 by March 11th, 2024.
However, after reaching its peak, the price fell into a wedge and started making lower lows and highs after March 12th as bulls lost their traction on the daily chart.
Ethereum Price Slips Further On 4-H Chart
In the 4-hour time frame, despite the significant decline, Ethereum still shows bearishness and falling capacity as it slides below the considerable trend in the 20-day and 50-day EMA bands. If sellers continue to surge, the drastic decline could extend even further.
Likewise, the Ethereum asset is showing bearish momentum as MACD shows a bearish crossover, and the RSI is falling steadily at 33.29, indicating that the ETH asset is not gaining steam and can continue to drop lower.
Therefore, Both derivative factors and technical indicators influence Ethereum's price movements. The breakdown from the rising wedge pattern on the 4-H chart highlights bearishness.
On the downside, Ethereum has support near the $3,066 level, with additional support levels at $3,030 and $2,830. A breach of these support levels might lead to further downside, with the price potentially testing the lower trend line of the wedge in the near term.
For the upstream, Ethereum's first major hurdle is near the $3,250 mark. Beyond that, the key resistance levels are observed at $3,191, $3,288, $3,338, and $3,359. A breakthrough above these levels could signal bullish momentum, potentially driving the price toward the $3,681 and $3,751 resistance zones.
