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Ethereum - Due to drift lower In August 2022, we stated a bullish narrative regarding Ethereum's “merge” is absolute nonsense that will be proved wrong as time progresses. Then over the coming weeks, we also expressed our worries about the FED meeting in September 2022. Indeed, just hours before the FOMC, we speculated that Ethereum could have experienced a short-lived bounce, followed by a sharp drop. Our assessment proved to be correct, and Ethereum bounced up after the FED decision and then fell with the rest of the market. Because of that, combined with fundamental and technical factors, we continue to be bearish on Ethereum. Accordingly, we stick to our price targets of 1000 USD and 900 USD. Illustration 1.01 Illustration 1.01 shows simple support/resistance levels for ETHUSD. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:ETHUSDShort
by Tradersweekly
20
Ethereum - Pump and dump on a horizonSeptember 2022 brings many exciting events for the stock and cryptocurrency markets alike. However, we will pay close attention mainly to two events in particular. The first event we will pay attention to is the “merge” with the soft deadline on the 19th of September 2022; the merge will see the current execution layer being combined with a new consensus layer. As a result, Ethereum will transit from proof-of-work to proof-of-stake. That, in turn, will eliminate the need for energy-intensive mining and give Ethereum a competitive edge against other cryptocurrencies. While the transition is significant from an environmental and technological point of view, it is less significant from a trading perspective. It does not change the fact that the FED will continue to increase interest rates to battle inflation (which will subsequently weigh on the economy and lead to risk aversion). Additionally, the distribution of ETHW tokens (Ethereum on the old proof-of-work protocol) raises our concerns. Because of these “out of the thin air” tokens, we think there might be an initial increase in the price of Ethereum (especially before the merge). However, we expect a potential bounce to be temporary and newly created tokens to be dumped on the market together with Ethereum (after the merge). Our bearish view is also supported by technical factors, which show very low liquidity in the market. Simultaneously, several technical indicators point to the downside for ETHUSD. Because of that, we stick to our price target at 1 000 USD and 900 USD Illustration 1.01 Illustration 1.01 shows the daily chart of ETHUSD. The green arrow indicates a price increase. The red arrow indicates a volume decrease. These developments, occurring simultaneously, often foreshadow a trend reversal (in this case, a trend of a lesser degree). Technical analysis - daily time frame RSI and Stochastic are bullish. MACD is neutral; however, if it breaks above 0 points, it will bolster the bullish case in the short term. DM+ and DM- perform whipsaws, while ADX contains a relatively low value. Overall, the daily time frame is mixed. Illustration 1.02 The image above displays the daily chart of ETHUSD and simple support/resistance levels. Ideally, we would like to see a breakout below the short-term support; that will bolster the bearish case for Ethereum. Technical analysis - weekly time frame RSI and Stochastic are slightly bullish. MACD is neutral. DM+ and DM- stay bearish. Overall, the weekly time frame is less bearish than a week ago. Illustration 1.03 Illustration 1.03 shows the weekly chart of ETHUSD and two moving averages. The yellow arrow indicates the natural retracement toward the 20-week SMA. Ideally, we would like to see the price stay below this average. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:ETHUSDShort
by Tradersweekly
21
Ethereum - Panic creeps back into the marketThroughout July and August, we warned that the bounce in the cryptocurrency market, which many rushed to call a trend reversal, was a bear market rally doomed to fail. Then, on 16th August 2022, we gave an ultimate warning to investors as we speculated the top was in for the rally, and a 50% decline was looming. Since then, the price of Ethereum has fallen an astounding 25%, and we have seen more confirmations of our bearish thesis. Because of that, we continue to be bearish in the short, medium, and long term. Indeed, we think the selloff will accelerate in the foreseeable future, leading to panic selling and subsequently to new lows over time. Our views are based upon technical indicators that flash strong warning signs across the board and low liquidity in the market. However, fundamental factors also significantly contribute to our bearish opinion. Repeatedly, higher interest rates, quantitative tightening, and a slowing economy pose a great threat to the stock market and the cryptocurrency market. Accordingly, we stick to our price target of 1 000 USD per Ethereum. However, we would like to set also a second price target for ETHUSD at 900 USD. Illustration 1.01 The picture shows the daily chart of Ethereum and two moving averages, 20-day SMA and 50-day SMA. On 24th July 2022, these averages underwent mean reversion, signifying a powerful downtrend correction. We would like these averages to reverse into a bearish constellation to give us further bearish confirmation. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish. Illustration 1.02 The illustration shows two bearish breakouts that confirmed our thesis in the past two weeks. Interestingly, these developments are identical to those on the chart of BTCUSD. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish. Illustration 1.03 Illustration 1.03 shows simple support and resistance levels derived from peaks and troughs. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:ETHUSDShort
by Tradersweekly
31
Ethereum - "FOMO" backfiringOn 15th August 2022, we proposed the idea of Ethereum being at the top of a bear market rally. Following our announcement, Ethereum erased more than 20% of its value within the following week. This move came as a blow to many market participants expecting the rally to continue toward the new ATH. However, we have stressed for some time now that this would not be possible during 2022. Rather than that, we have said many times that the bear market would persist throughout the current year and likely during the next one. Our assessment is based on fundamental and technical factors we explain below and in our previous ideas. Our price target for ETHUSD is 1 000 USD. Illustration 1.01 Illustration 1.01 shows bearish breakouts that helped us to confirm our bearish thesis. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:ETHUSDShort
by Tradersweekly
24
Ethereum - 50% decline loomingSimilarly, like in the case of Bitcoin, we also remain bearish on Ethereum. Indeed, we still maintain our price target of 1000 USD per coin. Our views are based on technical and fundamental factors detailed below and in the previous articles. Illustration 1.01 Illustration 1.01 shows the updated setup for ETHUSD with the bearish trigger below the immediate support. Technical analysis - daily time frame RSI left the overbought territory, which is bearish. MACD is flattening. Stochastic is bearish. DM+ and DM- are bullish. Overall, the daily time frame is neutral/slightly bearish. Illustration 1.02 Volume continues to decline, which is bearish. Technical analysis - weekly time frame RSI is neutral. MACD and Stochastic are bullish. DM+ and DM- are bearish. Overall, the weekly time frame is slightly bullish. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:ETHUSDShort
by Tradersweekly
37
Ethereum - Raging bull market?! Is it, really?!In our previous idea, we argued Ethereum reached a potential top of the bear market rally. However, we remain cautious until we see more signs to confirm our assessment. Our view is based upon bearish fundamental factors that will persist throughout 2022 and 2023, dragging the global economy into recession and causing risk-off sentiment. In our opinion, the drying up liquidity in the cryptocurrency market suggests trouble ahead, with volumes being low compared to where they were during previous bull markets. Additionally, several technical indicators flash overbought conditions for ETHUSD. As if it was not enough, the market sentiment reflects raging “bull market euphoria” among retail investors, with many forgetting how deceitful bear market rallies tend to be. Mounting calls for the trend reversal, and new ATH point to the classic irrationality of market participants during such periods. These developments worry us and, indeed, they lead us to speculate that the looming selloff will have extreme nature. Therefore, we maintain a bearish outlook on Ethereum. Accordingly, we stick to our price target of 1 000 USD. Illustration 1.01 The picture above shows the daily chart of ETHUSD. The red arrow indicates a gradual decline in volume over the past three days. To confirm our previous assessment about the potential top, we would like to see a build-up in volume accompanying a price decline. So far, we have not seen that. Another development we would like to see is a breakout below the sloping support and the immediate support. That would bolster a bearish case for Ethereum. Technical analysis - daily time frame RSI crossed below 70 points, which is bearish; however, it is turning neutral. MACD is due to perform a bearish crossover. Stochastic is bearish. DM+ and DM- are bearish. Overall, the daily time frame is neutral/slightly bearish. Illustration 1.02 Illustration 1.02 shows the magnitude of bear market rallies during the bear market of 2018. Technical analysis - weekly time frame Stochastic is bullish. RSI is flattening. MACD is bullish. DM+ and DM- are bearish. Overall, the weekly time frame is neutral. Illustration 1.03 The setup we introduced in the previous idea remains valid. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:ETHUSDShort
by Tradersweekly
23
ETH BOTTOM IS IN - Target $10k-$15k MartyBoots here. I have been trading for 16 years and I am here to share my ideas with you to help the Crypto space. IF THIS PLAYS OUT THE LOWS IN ALTS ARE ALMOST IN The ETH BOTTOM looks to be in and we in CryptoCheck intend to be prepared for it $$$$$$ LIFE CHANGING OPPORTUNITY DO NOT BE LEFT BEHIND ------------------------------------------------------------------------------------------------------------------------------------------------------------ If you want help trading Bitcoin or any other ALT coins hit me up , We will improve your trading . Have a look at the link below ------------------------------------------------------------------------------------------------------------------------------------------------------------
COINBASE:ETHUSDLong
by MartyBoots
30
Ethereum - "News rally" doomed to fail? After we abandoned our bearish bias on Ethereum last Friday, it rose by more than 30% just within three days. The media's narrative is that this move comes as “the merge” approaches Ethereum, which will drastically decrease its carbon footprint. That will be allowed due to Ethereum utilizing proof-of-stake instead of proof-of-work, which it currently uses to solve complicated mathematical problems in return for the cryptocurrency. Despite that, technical factors also strongly contributed to the recent price rise. However, we would like to voice a word of caution as bearish fundamental factors will persist throughout 2022; these elements include higher interest rates in the U.S. and around the globe, economic tightening, and an increasing prospect of a global recession. Because of that, we still believe that Ethereum has not bottomed out. Indeed, we think the current price bounce may turn into an ultimate bull trap as we continue to see mounting calls for the bottom and market participants trying to buy every possible dip. Such behavior does not reflect market capitulation. Additionally, the magnitude of moves does not reflect the bull market. Instead, it hints at classic bear market rallies, which are often fast and strong. Therefore, we think the current price is attractive for short re-entry, which should be accompanied by tight stop-loss (as we still see limited upside for ETHUSD). Illustration 1.01 The yellow arrow indicates the bullish breakout. We will pay close attention to the volume and if it is sufficient to sustain the rally for a little longer. Technical analysis - daily time frame RSI is bullish, and if it breaks above 70 points, then it could elevate ETHUSD higher. However, if it fails, then the trend reversal might be imminent. Stochastic is bullish. MACD is bullish. The same applies to DM+ and DM-. Overall, the daily time frame is bullish. Illustration 1.02 Long-term moving averages, 20-week SMA and 50-week SMA, remain bearish. Moving averages on the daily chart are less bearish; however, the bullish crossover did not occur yet. Technical analysis - weekly time frame RSI turned bullish recently. MACD and Stochastic are neutral. DM+ and DM- are bearish. Overall, the weekly time frame is turning neutral. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
COINBASE:ETHUSDShort
by Tradersweekly
49