ETHUSD (Ethereum) – Week 9 – Minor obstacle, big potential
The price of Ethereum dipped nearly 20% in the last 5 days, reaching a low of $1350 per ETH on 23 February. During this selloff the price of ETH on crypto giant Kraken, fell to nearly $700, significantly lower than on other platforms. Jesse Powell, Kraken CEO, explained that this discrepancy was made because of the extreme selling and that was nothing wrong with Kraken’s trading engine. The crypto exchange will offer refunds for traders hit with heavy losses.
Grayscale, the world’s largest digital assets manager, purchased nearly $25 million worth of Ethereum during this sell-off, accumulating a total of 15k ETH in the last 24h in an effort to take advantage of the recent crash in the crypto space. Grayscale now owns, 3.17 million ETH with a total value of more than $5.1 billion.
Technically, we see a bigger consolidation in this area between the resistance zone and the support area with the price breaking finally to make one more down move in this corrective structure. However, if we see a strong move to the upside breaking the resistance area and consolidating above, we are going to new highs. We must be careful and study the price action in this area to figure out the next move.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Grayscale, the world’s largest digital assets manager, purchased nearly $25 million worth of Ethereum during this sell-off, accumulating a total of 15k ETH in the last 24h in an effort to take advantage of the recent crash in the crypto space. Grayscale now owns, 3.17 million ETH with a total value of more than $5.1 billion.
Technically, we see a bigger consolidation in this area between the resistance zone and the support area with the price breaking finally to make one more down move in this corrective structure. However, if we see a strong move to the upside breaking the resistance area and consolidating above, we are going to new highs. We must be careful and study the price action in this area to figure out the next move.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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