London hard fork and the associated profit booking
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Quick glance: The London Hard Fork is a significant upgrade to the Ethereum network. As with most such significant network changes, markets tend to be a bit jittery. ETH recently broke down a major trendline. Although this is not a major downtrend, it has taken ETH back to around $2500 levels.
Market in the last 24hrs
The last 24 hours were actually pretty volatile for ETH. The market was clearly searching for support.
In our previous analysis, we suggested waiting before taking a trade now.
https://www.tradingview.com/chart/ETHUSD/DluJmswh-Anticipation-of-EIP-1559-Hold-on-before-entering-a-trade-now/
Today’s Trend analysis
The trendline break-down was with high volumes. It dampened the positive momentum in the largest Altcoin. The trendline acted as a crucial support as ETH bounced off multiple times.
We can expect ETH to be in a consolidation over the next 24 hours. Although, it is very likely that ETH will attempt to make a move on the higher side.
The nearest strong support is at $2375 and the nearest strong resistance is at $2636.
The pivot level for ETH is $2468.64.
Price volatility remained moderate at approximately 3.2%, with the day's range between $2457.92 — $2536.59
Price at the time of publishing: $2517.00
ETH's market cap: $294.34 Billion
Volumes have remained low in the past 24 hours.
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The analysis is based on signals from 26 technical indicators, out of which 15 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 4 hour candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
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Keep supporting:)
-Mudrex
Quick glance: The London Hard Fork is a significant upgrade to the Ethereum network. As with most such significant network changes, markets tend to be a bit jittery. ETH recently broke down a major trendline. Although this is not a major downtrend, it has taken ETH back to around $2500 levels.
Market in the last 24hrs
The last 24 hours were actually pretty volatile for ETH. The market was clearly searching for support.
In our previous analysis, we suggested waiting before taking a trade now.
https://www.tradingview.com/chart/ETHUSD/DluJmswh-Anticipation-of-EIP-1559-Hold-on-before-entering-a-trade-now/
Today’s Trend analysis
The trendline break-down was with high volumes. It dampened the positive momentum in the largest Altcoin. The trendline acted as a crucial support as ETH bounced off multiple times.
We can expect ETH to be in a consolidation over the next 24 hours. Although, it is very likely that ETH will attempt to make a move on the higher side.
The nearest strong support is at $2375 and the nearest strong resistance is at $2636.
The pivot level for ETH is $2468.64.
Price volatility remained moderate at approximately 3.2%, with the day's range between $2457.92 — $2536.59
Price at the time of publishing: $2517.00
ETH's market cap: $294.34 Billion
- Out of 11 Oscillator indicators, 8 are neutral, 1 is bearish and 2 are bullish.
- Out of 15 Moving average indicators, 1 is 'NEUTRAL', 3 are bearish and 11 are bullish .
- Indicator summary is giving a BUY signal on ETHUSD .
Volumes have remained low in the past 24 hours.
----------------------------------------------------------------------------------------
The analysis is based on signals from 26 technical indicators, out of which 15 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 4 hour candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
----------------------------------------------------------------------------------------
Keep supporting:)
-Mudrex
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