Mastering Crypto

08/21 03:25

Loss of Ethereum’s Significant Support

ETH dropped below the significant support at $2,375 on the 9th of May 2022. In the weeks that followed, the cryptocurrency’s price continued its decline to the crucial support at $895. It then bounced off of this level to attempt a retest of the 20-week Exponential Moving Average (EMA) line on the 8th of August last year. This attempt resulted in the leading altcoin’s price getting rejected by the technical indicator.

Nevertheless, bulls attempted another 3 attempts at breaking through the short-term momentum indicator in the weeks that followed and were finally able to flip the level into support in the second week of this year. There was a temporary drop back below the EMA line on the 6th of March, but buyers were able to close the weekly candle back above the technical indicator.

Since then, ETH has been in a consolidation phase between the aforementioned $895.00 support and the $2,375.00 mark. However, the leading altcoin’s price was able to break above the 20, 50 and 100 EMA lines on the weekly chart during this period.

ETH dropped below the significant support at $2,375 on the 9th of May 2022. In the weeks that followed, the cryptocurrency’s price continued its decline to the crucial support at $895. It then bounced off of this level to attempt a retest of the 20-week Exponential Moving Average (EMA) line on the 8th of August last year. This attempt resulted in the leading altcoin’s price getting rejected by the technical indicator.

Nevertheless, bulls attempted another 3 attempts at breaking through the short-term momentum indicator in the weeks that followed and were finally able to flip the level into support in the second week of this year. There was a temporary drop back below the EMA line on the 6th of March, but buyers were able to close the weekly candle back above the technical indicator.

Since then, ETH has been in a consolidation phase between the aforementioned $895.00 support and the $2,375.00 mark. However, the leading altcoin’s price was able to break above the 20, 50 and 100 EMA lines on the weekly chart during this period.

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