13 Jun , 2022 By : Kanchan Joshi
Ethereum is down 30% month-to-date after having plunged as much in May, and price action suggests more pain may be in store through year-end.
The bearish head-and-shoulders top has a measured objective around the $1,000 area, which is also where the 2018 peak formed. Immediate support lies at $1,300, extending down to the $913 to $1,042 area where two so-called long-legged doji weekly candles formed on the way up, as per Bloomberg.
Cryptocurrency prices have been in a slump this year as the Federal Reserve withdraws stimulus and hikes rates to combat inflation.
"Ethereum corrected by over 20% over the past week meanwhile, Ethereum against Bitcoin dropped by more than 11% in the same period as Bitcoin’s Dominance broke above the 48% for the first time in nearly a year. The daily chart for ETH-BTC has broken below the descending channel pattern and fallen below its previous support of 0.055. The next support for ETH-BTC is expected at 0.038 level," said WazirX's trade desk.
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