Ethereum (ETH) Continues To Lose Luster, Drops Below $1,100 Support
July 13 2022 - 4:40AM
NEWSBTC
Ethereum (ETH) emerged as the best-performing cryptocurrency
last week, with a 10 percent increase. Moreover, it was stated that
the recently constructed ascending trendline for the cryptocurrency
should boost ETH higher if market conditions were truly optimistic.
The ETH price exhibited early signs of weakness as the
decentralized smart contract token failed to soar over the steep
trendline. On Tuesday, a new negative thesis predicted that the
$1,122 level will be breached with objectives in the vicinity of
$1,000. Wednesday’s cryptocurrency price analysis is bleak, as
market observers have noticed a sharp decrease over the previous 24
hours and a clear breach below the $1,100 support. Therefore, ETH
is likely to decline further and will attempt to breach the next
weak support level around $1,050. Image - Today's Crypto News
Suggested Reading | Tezos (XTZ) Nears 3-Week High – Can Bulls
Barrel Towards $1.80? Ethereum Pegged At $1,070, Down Nearly 6% In
Last 7 Days As of this writing, ETH is trading at $1,070, a
decrease of 5.9 percent over the past week, according to data
released by Coingecko on Wednesday. In the previous 24 hours,
the market has traded predominantly in the red as the worldwide
selloff continues. Bitcoin (BTC), the leading cryptocurrency, fell
4.27 percent. Meanwhile, the majority of the leading
cryptocurrencies saw similar outcomes. If the favorable scenario
materializes, the bulls will break above the $1,200 MA200 and then
recover above the $1,300-$1,500 resistance zone before
consolidating above $1,700 and breaching the white trendline.
Furthermore, given the macroeconomic uncertainties caused by the
prospect of a downturn and the lack of liquidity, the goal appears
challenging. Suggested Reading | Quant (QNT) Registers Gains
In Past Days – A Short-Term Upswing In Place? ETH total market cap
at $130 billion on the daily chart | Source: TradingView.com FTX
Pressure, CPI Result & Fed Easing The centralized FTX exchange
might be one of the biggest contributors of selling pressure
on ETH and other cryptocurrencies by funding traders ready to
convert their coins for a high annual yield. Such a plan places
immense stress on a resource that is already struggling to sustain
a level of support above the local average. Meanwhile, crypto
traders continue to await the release of June’s Consumer Price
Index, the US inflation gauge, on Wednesday for hints on how active
the Federal Reserve would need to be to ease the rate of
consumer price increases. The price of Ethereum reached a
significant swing high last week at $1,275. After a brief
consolidation above $1,200, ETH swiftly reversed direction and
began to move lower. Immediately following a severe breach below
$1,175 support, ETH dropped rapidly by Tuesday midday. The
conclusion of the trading session was marked by a clear breach of
the $1,100 support and a subsequent decline below $1,050. Featured
image from Green Living, chart from TradingView.com
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