ETH Above $1,200 Despite Increased Selling Pressure

Though ETH has managed to stay above $1,200 despite increased selling pressure, it is clear that the downward trend is weakening after the Merge. However, this does not mean that bullish momentum is underway. Technical Analysis will be needed to co[...]

It is clear that the downward trend is weakening after the recent ETH price Merge, but this doesn't mean that bullish momentum is underway just yet. ETH has managed to stay above $1,200 in spite of increased selling pressure, but the market is still volatile and it remains to be seen which direction prices will go in the future.

Get the scoop on technical analysis from our experts.

I believe that the cryptocurrency market will continue to grow in popularity and value. I think that more and more people will want to invest in Bitcoin and other digital assets, and that the prices of these assets will continue to rise.

The Daily Chart: A summary of the day's top stories

It's good to see ETH bouncing back after a few weeks of sideways movement. Investor confidence is strong and preventing prices from dipping below the key support level. There are no signs of bullish momentum just yet, but things could turn around soon.

If ETH can clear the $1,500 hurdle, the path to $2,000 will be much clearer. Currently, this resistance is a result of the descending line (in yellow) and the 100-day moving average line (in white) colliding. However, if ETH can break through this barrier, it will be well on its way to reaching its next major milestone.

It is possible that Ethereum will retest the green support level at $1,500 before closing below this level and dropping to the next support level at $1,000.

As we can see from the chart, the key support levels are $1240 and $1000, while the key resistance levels are $1500 and $1800.

The moving averages for the day are as follows: MA20: $1333, MA50: $1497, MA100: $1494, MA200: $1921.

Source: TradingView
The stock market is a volatile place, and it can be difficult to predict what will happen next.

The ETH/BTC chart is on the rise, indicating a strong future for Ethereum.

It seems that the bears are gaining momentum against Bitcoin, resulting in an 18% correction following the merge. This could be a sign that the cryptocurrency is in for a rough ride in the near future.

It is likely that the price of Bitcoin will continue to fall to the horizontal level at 0.065 BTC. This level appears to be solid support, and the price would need to start charting higher highs and higher lows in order to consider any sort of bullishness.

Looking at the BTC chart, we can see that the key support levels are 0.065 and 0.06 BTC, while the key resistance levels are 0.073 and 0.08 BTC. Currently, BTC is trading in a tight range between these levels.

Source: TradingView
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Funding Rates: How to Get the Best Rates for Your Business

As a news article, I would discuss the implications of this paragraph for traders. I would explain that periodic payments can be a helpful way to even out discrepancies between spot prices and perpetual contract markets. I would also caution readers that these payments can fluctuate, and advise them to consult with a financial advisor to determine if this strategy is right for them.

The funding rate is a key indicator of trader sentiment in the perpetual swaps market. A positive funding rate indicates that long positions are dominant and are willing to pay funding to short traders. This is a sign of confidence in the market and suggests that prices are likely to continue to rise.

Investors and traders in the cryptocurrency derivative market remain uncertain, according to data from CryptoQuant. This overall doubt has contributed to the establishment of a sideways trend, as stated in technical analysis.

There is no clear consensus amongst market participants at present, with some bullish and bearish momentum evident. This lack of direction is likely to continue in the near-term, as market sentiment remains mixed.

Source: CryptoQuant
I believe that the cryptocurrency market has a lot of potential and is here to stay.

The post ETH Price Unable to Break Rrange but Can Bulls Extend to $1,400? (Etherum Price Analysis) appeared first on CryptoPotato. While the ETH price has been unable to break out of its recent range, bulls may be able to extend the price to $1,400.