ETH trend is opposite to macro trend, more bullish up
Ether recently changed hands to $1,650, down 5.1 percent from Tuesday, while also hitting a three-month low. Other major cryptocurrencies mentioned in the SEC action tumbled with the ADA, with tokens from the Caldano blockchain down more than 5% recently, but SOL and Matic, the local cryptocurrencies of the Solana and Polygon smart contract networks, each down more than 3%. The CoinDesk Market Index, which measures the performance of the crypto market as a whole, has recently moved sideways. The CoinDesk Bitcoin and Ether trend indicators maintained their stance in downtrend territory for several days, reflecting continued investor unease.
Nevertheless, the indicators still point to bullishness. According to Valkyrie Investments, Bitcoin's daily chart is showing a price pattern known as "backwardation", which could recharge the bulls' engines and send it rallying to $37,000. In technical analysis, a pullback is when the price falls to a previous breakout level or when resistance turns to support. After a breakout, the price rises for a few days, then loses momentum and returns to the breakout point. As Thomas Bulkowski details in his book 'A Visual Guide to Chart Patterns', typically prices will spike up after a retracement is complete.
Meanwhile, long-term fears that the current halt in interest rate hikes will be temporary caused stock indices to fall as the Federal Reserve focused on bringing inflation down to its long-term target of 2.5%. The technology-dominated Nasdaq Composite and S&P 500 were up slightly, but the Dow Jones Industrial Average was down 0.7%.
Nevertheless, the indicators still point to bullishness. According to Valkyrie Investments, Bitcoin's daily chart is showing a price pattern known as "backwardation", which could recharge the bulls' engines and send it rallying to $37,000. In technical analysis, a pullback is when the price falls to a previous breakout level or when resistance turns to support. After a breakout, the price rises for a few days, then loses momentum and returns to the breakout point. As Thomas Bulkowski details in his book 'A Visual Guide to Chart Patterns', typically prices will spike up after a retracement is complete.
Meanwhile, long-term fears that the current halt in interest rate hikes will be temporary caused stock indices to fall as the Federal Reserve focused on bringing inflation down to its long-term target of 2.5%. The technology-dominated Nasdaq Composite and S&P 500 were up slightly, but the Dow Jones Industrial Average was down 0.7%.
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