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Mastering Crypto

07/05 04:31

Ethereum Trying to Flip Bitcoin?

ETH, the native cryptocurrency that powers the Ethereum blockchain, continues to suffer amid elevated post-hawkish Fed meeting sell pressure. ETH, otherwise known as Ether, was last down over 5.0% on Friday, having broken out to fresh monthly lows under its 21-Day Moving Average (DMA) earlier in the session. ETH/USD looks on the verge of breaking below $1,200, which could trigger the next leg of selling towards the late-November lows in the $1,150 area.

Price Prediction – Where Next For ETH?
Ether’s latest drop and fall below its 21DMA, which had in recent weeks been acting as an important source of short-term support, suggest that the positive momentum that lifted ETH as high as $1,350 from November’s sub-$1,100 lows has now been snapped. Ether bears note that the cryptocurrency remains locked within the bounds of a longer-term bearish trend that has been in play since August.

ETH on the verge of dropping under $1,200 after losing the 21DMA. Source: TradingView
With Fed Chair Jerome Powell’s hawkish tone at Wednesday’s meeting seemingly having snapped the prospect of a year-end “Santa rally”, and with ETH’s technical picture seemingly having taken a substantial turn for the worse, a retest of November’s double-bottom in the $1,070 area seems much more likely that a rebound towards $1,500.FI-CG-ethereum-merge-is-another-epic-fail-min-1.jpg

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