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    Home » ETH » Ethereum Price Analysis: Despite the Recent Drop, ETH’s Forming a Bullish Pattern

    Ethereum Price Analysis: Despite the Recent Drop, ETH’s Forming a Bullish Pattern

    Author: CryptoVizArt

    Last Updated Sep 1, 2022 @ 12:22

    After dropping to a monthly low over the past week, finally, the steep dive seems to be finding a local bottom. ETH saw a staggering 12% price increase over the past three days, touching a high of over $1600 as of yesterday (Wednesday).

    Could this end up in breaking out above the falling wedge, which is textbook bullish?

    Technical Analysis

    By Grizzly

    The Daily Chart

    The bottom line of the falling wedge pattern (in yellow) has already supported the price three times. This pattern is technically bullish if and when the price breaks out of it. This is the second wedge that has been formed in recent months. The first turned out to be bearish (in light blue), causing the price to fall toward the horizontal support at $1420.

    If the bulls can break above the horizontal resistance at $1,720 (in red) following a bullish breakout of the wedge, then a rally to reclaim $2,000 is expected.

    Considering that the Relative Strength Index (RSI) is also moving towards the bullish area, there is a possibility that the bulls will regain control of the market again, as they did on July 15 (in white) when the pair rallied from $1,200 to $2,000. To confirm this scenario, ETH must break above and hold the $1720 level, along with a breakout of the RSI’s baseline.

    Key Support Levels: $1420 & $1300

    Key Resistance Levels: $1720 & $2000

    Daily Moving Averages:

    MA20: $1693
    MA50: $1623
    MA100: $1512
    MA200: $2153

    ETHUSDT - 1st Sep-min

    The ETH/BTC Chart

    The ETH/BTC trading pair chart reveals a double-bottom pattern (bullish). Horizontal support in the range of 0.072-0.073 BTC (in green) has been a barrier against the bears. The bullish momentum has increased compared to the recent rally.

    If the bulls can push the price above 0.08 BTC, breaking the horizontal resistance at 0.082 BTC (in red) will become likely. Overall, optimism for the bulls can be witnessed by looking at the ETH/BTC chart.

    Key Support Levels: 0.0.073 & 0.065 BTC

    Key Resistance Levels: 0.083 & 0.088 BTC

    ETHBTC - 1st Sep-min

    On-chain Analysis

    Exchange Inflow (Top10) – (SMA 7)

    Definition: The total volume of the top 10 inflowing transactions to all exchanges. A high value indicates that investors who deposited large amounts at once increased.

    A decrease in inflow (in green) has accompanied ETH’s upward trend in June and July to exchange by the top ten transactions, which are referred to as Whales. When the price reached the technical resistance, this index turned. This was probably due to profit taking by some investors.

    At present, the slope is pointing downward again, and if it continues, it will likely be followed by price increase.

    ETH - On-chain - 1st Sep-min

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Ethereum (ETH) Price
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    About The Author

    Crypto VizArt
    More posts by this author

    Full-time on-chain Data Analyst and Python Programmer. Passionate about Bitcoin and DataVisualization. Contact: Twitter

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