© Reuters. ETH Will Experience Short-Term Sell Pressure, Predicts Trader
- A crypto trader and analyst named Ali recently tweeted about an on-chain metric for ETH.
- Recently, the number of ETH deposits on centralized exchanges has spiked significantly.
- Ali forecasted that there would be some short-term sell pressure for ETH.
The crypto trader and analyst Ali predicted in a tweet this morning that (ETH) may experience some sell pressure soon. His post follows the recent spike in the number of ETH deposits made on centralized exchanges, as recently indicated by on-chain data.
At press time, ETH’s price was trading at $1,902.60 after a 3.09% 24-hour loss according to CoinMarketCap. This negative daily performance had also flipped the altcoin leader’s weekly performance into the red, which stood at 0.03% as a result. In addition to weakening against the U.S. Dollar, ETH was also down against (BTC) by 1.53%.
Daily chart for ETH/USDT (Source: TradingView)
The crypto’s price has dropped below the 9-day and 20-day EMA lines in today’s trading session. The wick present above the current daily candle suggests that the sell pressure Ali had predicted has already entered ETH’s charts, as bears attempt to push ETH’s price lower.
Before ETH’s price reaches the next key support at $1,800, it will receive some support from the 50-day EMA which was trading at around $1,850 at press time. Should the altcoin’s price reach this level it will either rebound or continue to drop. The recent spike in active ETH deposits on centralized exchanges supports a bearish thesis, however.
A break below the 50-day EMA line will leave only the aforementioned support at $1,800 before a drop to $1,670, should the sell pressure continue. However, bulls may prevent the drop to $1,670 and enter into long positions for ETH, given that it has been trading in a consolidation channel between $1,800 and $2,015 for the last 2 weeks.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
The post ETH Will Experience Short-Term Sell Pressure, Predicts Trader appeared first on Coin Edition.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
