After the SEC approved ETH Spot ETFs, Ethereum was in a strong position, constantly trying to break its resistance of $4,000. It attempted to form a bullish flag, but as the US CPI and PPI data release approached, it plummeted more than 5%, following Bitcoin. The market panicked when ETH broke its support at $3,700 and then further broke $3,500, a crucial level. The bulls pulled it back above that range, allowing ETH to take interim support above $3,500. If the CPI and PPI data release is unfavorable, we might see ETH plummeting to and below $3,000. If the data is favorable, ETH will slowly climb back to its position to reclaim its all-time high.
In the 1-day time frame, oscillators are signaling a buy for ETH, while the moving averages are bearish. It is interesting to note that moving averages are giving a strong buy call in the weekly time frame, while oscillators remain neutral.
In the 1-day time frame, oscillators are signaling a buy for ETH, while the moving averages are bearish. It is interesting to note that moving averages are giving a strong buy call in the weekly time frame, while oscillators remain neutral.
Komentar:
ETH is retesting the interim support