• bitcoin
    Bitcoin(BTC)
    $44,236.00 4.63%24H
  • ethereum
    Ethereum(ETH)
    $3,099.46 7.65%24H
  • binance-coin
    Binance Coin(BNB)
    $429.53 8.29%24H
  • usd-coin
    USD Coin(USDC)
    $1.00 -0.04%24H
  • cardano
    Cardano(ADA)
    $1.09 5.58%24H
  • chainlink
    Chainlink(LINK)
    $16.79 7.66%24H
  • bitcoin-cash
    Bitcoin Cash(BCH)
    $339.29 5.04%24H
  • stellar
    Stellar(XLM)
    $0.219 4.19%24H
  • vechain
    VeChain(VET)
    $0.060 7.84%24H
  • tezos
    Tezos(XTZ)
    $4.15 5.65%24H
  • eosdac
    eosDAC(EOSDAC)
    $0.00100 3.34%24H
Crypto Currency Bazaar 4u
  • INVESTMENTS
    • Crypto General
    • Masternodes
    • Mining Projects
    • NFTS Investments
    • Invest In ICO
    • Exchanges
    • Staking Yeild Farming
  • WORLD
  • USA
  • CANADA
  • JAPAN
  • UK
  • UAE
  • INDIA
  • MORE
    • BRAZIL
    • AUSTRALIA
    • EL SALVADOR
    • CENTRAL AMERCIA
    • SOUTH AMERICA
    • AFRICA
    • EUROPE
    • ASIA
    • OCEANIA
    • ICO
  • Login
  • BLOCKCHAIN
  • BITCOIN
  • ETHEREUM
  • NFTS
  • ALTCOIN
  • MINING
  • VIDEOS
  • LIVERATES
  • SHOP
  • CLASSIFIEDS
  • ADVERTISE
  • SUBMIT PRESS RELEASE
HealthNews
No Result
View All Result
Home INDIA

Ethereum (ETH) Price Risks of facing 21% depreciation, Head & Shoulder Weekly Breakout On Edge

CB4U by CB4U
January 19, 2022
in INDIA
0
Ethereum (ETH) Price Risks of facing 21% depreciation, Head & Shoulder Weekly Breakout On Edge
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

 

Ethereum (ETH) price is trading in red for the straight third day with an almost 1% decline on Wednesday.  The major trend remains downward following the descending trendline from the highs of $4,784.50 on the daily time frame. A combined factor of global market headwinds and existing bearish pressure is contributing further to downside momentum.

  • Ethereum’s (ETH) price remains under pressure on Wednesday.
  • ETH price consolidates near $31k, expects a bounce back to $34k.
  • Bulls could make a U-turn once the global crypto market shows signs of reversal.

Ethereum losing NFT Market Share to Solana- JP Morgan

JP Morgan reported that Ethereum’s dominance in non-fungible tokens (NFTs) has been shrinking continuously since August. The high gas fees and congestion are responsible for the move. However, ETH finds some support following the Cosmos Exchange Osmosis announcement to expand to Ethereum assets with Gravity Bridge.

Important Strong Confluence near $29K imp to hold

On the weekly chart, the ‘head & shoulder’ pattern resulted in almost 40% depreciation from the 2021 highs of $4,867.81. Now, Ethereum’s price is standing at a crucial juncture near the horizontal support line of $2,990. This also coincides with 50-DMA, thus making it a crucial level to trade.

Source: Trading view

However, on the 4-hour chart, there is a bullish piercing formation near the session’s low of $3,048.64. The red candle is being followed by a strong green candle but the bulls could not gather strength to breach the day’s high of $3,194.28. This scenario keeps pressure on the bulls near the higher levels.

Source: Trading view

Now it will be interesting to watch if the price could be able to hold the psychological level of $30K. The Relative Strength Index (RSI) is close to being oversold. This could help the bulls to push beyond this level.

 

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Advertisement Banner
Previous Post

Undeniable Proof the Crypto Market is About to Go INSANE in January 2022

Next Post

US Senator’s Inflation Report Says ‘Its Only Going to Get Worse,’ Truflation Oracle Reveals True Inflation Rate – Economics Bitcoin News

CB4U

CB4U

Next Post
US Senator’s Inflation Report Says ‘Its Only Going to Get Worse,’ Truflation Oracle Reveals True Inflation Rate – Economics Bitcoin News

US Senator's Inflation Report Says 'Its Only Going to Get Worse,' Truflation Oracle Reveals True Inflation Rate – Economics Bitcoin News

Discussion about this post

RECOMMENDED

Bitcoin network transactions and fees surge amid investor de-risking

Bitcoin network transactions and fees surge amid investor de-risking

2 months ago
Hedera Hashgraph (HBAR) Foundation Launches $155 Million Crypto Economy Fund

Hedera Hashgraph (HBAR) Foundation Launches $155 Million Crypto Economy Fund

3 months ago

DON'T MISS

Binance Launches New Platform for VIP and Institutional Crypto Investors – Coinotizia

Binance Launches New Platform for VIP and Institutional Crypto Investors – Coinotizia

June 26, 2022
⚠️ BITCOIN: **I BET** 99% WILL FALL FOR IT!!!!!!!!!!!

⚠️ BITCOIN: **I BET** 99% WILL FALL FOR IT!!!!!!!!!!!

June 26, 2022
New Solana Labs Project – Web3 Mobile Phone

New Solana Labs Project – Web3 Mobile Phone

June 26, 2022
Here’s how pro traders could use Bitcoin options to buy the $20K BTC dip

Here’s how pro traders could use Bitcoin options to buy the $20K BTC dip

June 26, 2022
Crypto Currency Bazaar 4u

The Cryptocurrency Bazaar 4U was founded in 2020 for providing the most trusted information for the Crypto enthusiasts covering a broad range of news about blockchain technology, cryptocurrency assets, emerging fintech trends in the decentralized space, and other related wide array of information surrounding this emerging technology.Our team provides the most up-to-date and accurate news from different sources in this space comprising of unbiased news, in-depth analytics, detailed cryptocurrency price charts, and insightful opinion pieces is the basis of our editorial content.

POPULAR POSTS

Binance Launches New Platform for VIP and Institutional Crypto Investors – Coinotizia

Binance Launches New Platform for VIP and Institutional Crypto Investors – Coinotizia

June 26, 2022
⚠️ BITCOIN: **I BET** 99% WILL FALL FOR IT!!!!!!!!!!!

⚠️ BITCOIN: **I BET** 99% WILL FALL FOR IT!!!!!!!!!!!

June 26, 2022
New Solana Labs Project – Web3 Mobile Phone

New Solana Labs Project – Web3 Mobile Phone

June 26, 2022

Categories

  • AFRICA
  • ALTCOIN
  • ASIA
  • AUSTRALIA
  • BITCOIN
  • BLOCKCHAIN
  • BRAZIL
  • CANADA
  • CENTRAL AMERCIA
  • CRYPTO GENERAL
  • EL SALVADOR
  • ETHEREUM
  • EUROPE
  • EXCHANGES
  • ICO
  • INDIA
  • INVERST IN ICO
  • INVESTMENTS
  • JAPAN
  • MASTERNODES
  • MINING
  • MINING PROJECTS
  • NFTS
  • NFTS INVESTMENTS
  • OCEANIA
  • SINGAPORE
  • SOUTH AMERICA
  • STAKING & YEILD FARMING
  • UAE
  • UK
  • Uncategorized
  • USA
  • VIDEOS
  • WORLD
  • CONTACT US
  • DISCLAIMER
  • PRIVACY POLICY
  • ABOUT US
  • CLASSIFIED
  • ADVERTISE
  • SUBMIT PRESS RELEASE

© cryptocurrencybazaar4u.io

No Result
View All Result
  • BLOCKCHAIN
  • BITCOIN
  • ETHEREUM
  • NFTS
  • ALTCOIN
  • MINING
  • VIDEOS
  • LIVERATES
  • SHOP
  • CLASSIFIEDS
  • ADVERTISE
  • SUBMIT PRESS RELEASE

© cryptocurrencybazaar4u.io

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoin
    Bitcoin(BTC)
    $44,236.00 4.63%24H
  • ethereum
    Ethereum(ETH)
    $3,099.46 7.65%24H
  • binance-coin
    Binance Coin(BNB)
    $429.53 8.29%24H
  • usd-coin
    USD Coin(USDC)
    $1.00 -0.04%24H
  • cardano
    Cardano(ADA)
    $1.09 5.58%24H
  • chainlink
    Chainlink(LINK)
    $16.79 7.66%24H
  • bitcoin-cash
    Bitcoin Cash(BCH)
    $339.29 5.04%24H
  • stellar
    Stellar(XLM)
    $0.219 4.19%24H
  • vechain
    VeChain(VET)
    $0.060 7.84%24H
  • tezos
    Tezos(XTZ)
    $4.15 5.65%24H
  • eosdac
    eosDAC(EOSDAC)
    $0.00100 3.34%24H