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Expect Lower Prices as Correction Persists

Published

2 months ago

May 8, 2024

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The Ethereum (ETH) price is currently undergoing a correction, with the price approaching significant Fibonacci support levels. Whether Ethereum will break this support bearishly or not remains uncertain.

The possibility of Ethereum reaching a new annual low largely depends on market dynamics and investor sentiment. While there’s always the possibility of further downside, it’s also plausible that Ethereum could reverse its trend and move upward again in the near future.

Ethereum’s Price Trend: Ongoing Correction Continues

The Ethereum price has experienced a decline of approximately 31.3% since reaching a recent peak of around $4,094 the month before las t. This substantial corrective movement has coincided with a bearish trend in the Moving Average Convergence/Divergence (MACD) histogram since last month.

Despite these bearish indicators, the MACD lines are currently still crossed in a bullish manner, while the Relative Strength Index (RSI) remains neutral. Ethereum is presently encountering significant Fibonacci support at approximately $2,866.

ETH Chart Analysis BeInCrypto — Ethereum Price Analysis. Source: Tradingview

Should Ethereum break below this support level, the subsequent significant Fibonacci support is expected around $2,100. However, maintaining a position above this level would likely sustain the bullish momentum in the medium term.

Additionally, the 50-month EMA at around $1,900 provides supplementary support to the Ethereum price.

Ethereum’s Weekly Outlook: MACD Shows Bearish Signals

If Ethereum were to break below the current Fibonacci support level, the subsequent significant support is anticipated at the 50-week EMA around $2,520. Notably, the MACD exhibits a clear bearish trend in the weekly chart.

This is evidenced by the MACD histogram, which has been steadily declining in a bearish manner over the past few weeks. Moreover, the MACD lines have crossed bearishly.

In contrast, the RSI remains neutral, and the EMAs continue to maintain a golden crossover, indicative of a bullish trend in the medium term.

Will Ethereum Retrace to $2,866? Analyzing the 0.382 Fib Level

Ethereum seems poised to revisit the .382 Fibonacci support level at approximately $2,866, with further support anticipated around the 200-day EMA at roughly $2,814.

Observing the MACD, the lines are approaching a potential bearish crossover, while the MACD histogram has displayed a downward trend over recent days, indicative of bearish sentiment.

In contrast, the RSI remains neutral, offering no clear indications of bullish or bearish momentum. At the same time, the EMAs maintain a golden crossover, signaling a bullish trend in the short to medium term. Thus, the corrective phase appears to persist at present.

Can Ethereum Invalidate Its Current Correction?

To nullify the ongoing corrective phase, Ethereum’s price must surpass the 0.382 Fibonacci resistance level at approximately $3,303, followed by the golden ratio at around $3,700, signaling a return to the upward trajectory. However, the indicators on the 4-hour chart predominantly exhibit bearish signals.

The EMAs have formed a death cross, affirming the current bearish trend in the short term. Furthermore, the MACD lines crossed bearishly, accompanied by a downward trend in the MACD histogram, while the RSI maintained a neutral stance.

Ethereum vs. Bitcoin: ETH Continues Its Downward Trend

Ethereum’s downward trajectory against BTC persists, with Ethereum encountering substantial support at approximately 0.043 BTC, a level it is in close proximity to. The MACD lines have crossed into bearish territory, with the histogram displaying a downward trend since the previous week. Despite this, the RSI remains neutral.

Moreover, the EMAs are on the verge of forming a bearish crossover, signaling a potentially prolonged bearish trend in the medium term. Ethereum’s stance against BTC evidently leans bearish.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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LayerZero On The Rise: ZRO Bullish Momentum Points To New Highs

Published

1 hour ago

July 6, 2024

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LayerZero (ZRO) is currently experiencing strong bullish momentum, positioning itself for potential new highs in the future. This sustained upward trend indicates growing investor confidence and increased market interest in the platform’s capabilities.

As ZRO continues to gain traction, technical indicators suggest that this momentum could drive the price to unprecedented levels. Traders and investors are closely monitoring this movement, anticipating further gains and strategic opportunities as LayerZero pushes toward new market peaks.

This article delves into providing an in-depth analysis of ZRO’s current bullish momentum and its potential to reach new highs. By examining current price performance and technical indicators, this article seeks to provide strategic advice for investors looking to capitalize on ZRO’s potential growth.

ZRO was trading at around $4.15 and was up by 36.66% with a market capitalization of over $456 million and a trading volume of over $816 million as of the time of writing. There has been a 24-hour increase of 36.62% and 152.75% in ZRO’s market capitalization and trading volume respectively.

Analyzing The Current Bullish Trend Of ZRO

A technical analysis of ZRO’s price action on the 1-hour chart reveals that the crypto asset is actively bullish and trading above the 100-day Simple Moving Average (SMA). Since facing rejection at the $2.69 support level, ZRO has been consistently bullish and is currently attempting to break above the $4.28 resistance level.

The formation of the 1-hour William alligator signals that the price of ZRO may continue to extend its bullish trend as both the alligator lip and teeth are currently trending above the jaw after a successful cross above it.

On the 4-hour chart, it can be observed that ZRO is actively bullish. Although the price is attempting a short-term pullback by dropping a bearish candlestick, the crypto asset may extend its bullishness in the long run.

Additionally, the 4-hour William alligator indicates more bearishness for ZRO as both the alligator lip and teeth are actively trending above the jaw after moving above it.

ZRO Price Forecast

Analyzing potential future possibilities of ZRO’s price movement reveals that if the digital asset breaks above the $4.28 resistance level, it may move higher to challenge its all-time high of $5.62. If this level is breached, ZRO might move on to create a new all-time high.

However, if the price of ZRO experiences rejection at the $4.28 resistance level, it will begin to descend toward the $3.27 support level. Should the asset breach this level, it may continue to decline to test the $2.69 support level and possibly move on to test other higher levels if it breaches the $2.69 level.

ZRO

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This Is How Ripple (XRP) Price Recovery Will Take Place

Published

3 hours ago

July 6, 2024

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Ripple (XRP) price momentum has turned bearish, and its potential for recovery has also cooled down.

One of the biggest reasons is the lack of activity among XRP holders, rendering their optimism useless.

Ripple Investors Try but Not Too Hard

XRP price is bound to be impacted by both the attempt and lack of participation noted among the investors. The presence of XRP holders remains weak, affecting the potential for recovery.

The low level of engagement is evident, with active addresses averaging under 20,000 on a daily basis. This lack of activity suggests a decrease in short-term trading and concern about bearing losses.

However, despite the weak participation, conviction among XRP holders remains strong. This is reflected in the Mean Coin Age (MCA), which has noted an uptick. The increasing MCA indicates that investors are holding onto their XRP for longer periods, showing faith in the asset’s future potential.

The rise in MCA also suggests that investors are refraining from moving their holdings around. By holding their assets rather than engaging in frequent transactions, they demonstrate a long-term belief in XRP. This behavior is often indicative of confidence in the cryptocurrency’s eventual recovery.

While the current low level of daily active addresses is a concern, the strong conviction shown by the uptick in MCA provides a silver lining. If this trend continues, it could help stabilize XRP’s price and support a potential recovery, as long-term holders typically contribute to market stability.

XRP Price Prediction: Tall Hike Ahead

The XRP price is trading at $0.43, recovering from the lows of $0.41 over the last 24 hours. Based on the aforementioned cues, consolidation is likely under $0.46. A breach, however, could help recover the recent losses.

XRP Price Analysis. Source: Tradi n gView

But if the bearish cues continue to dominate the altcoin, the XRP price could lose the critical support of $0.41 again. This would invalidate the bullish-neutral thesis, resulting in further drawdown.

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Shiba Inu (SHIB) Price Recovery Likely as Losses Run up by 42%

Published

4 hours ago

July 6, 2024

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Shiba Inu’s (SHIB) price is bouncing back from four-month lows, looking to recover the losses witnessed in the past month.

Investors also have a shot at making the most of this opportunity, as selling will likely take a break for now.

Shiba Inu Investors Lose Big

While Shiba Inu’s price only declined by 15% over the last week, the impact on investors was three times larger. The total supply in profit dropped by close to 42%, falling from 75% to 33% in a day.

This is because about 434 trillion SHIB, worth $6.7 billion, was bought between $0.00001900 and $0.00001500. As the meme coin slipped to $0.00001281 during intra-day lows yesterday, this supply lost its profitability completely. This will keep investors from selling now, as such a large supply would only be sold when it bears profit again.

Shiba Inu Supply In Profit. Source: Santiment

Furthermore, most investors anticipating recovery and profits will likely turn to accumulation. The Market Value to Realized Value (MVRV) ratio suggests a good opportunity to do so.

The MVRV ratio assesses investor profit and loss. Currently, Shiba Inu’s 30-day MVRV stands at -14.5%, indicating losses, which may lead to buying pressure.

Historically, SHIB’s MVRV between -7% and -18% usually signals the start of recoveries and rallies, marking an opportunity zone for accumulation. This could help steer Shiba Inu’s price upwards.

SHIB Price Prediction: The Critical Range

The range between $0.00001473 and $0.00002093 is critical to Shiba Inu’s price as it houses 73% of all SHIB circulating supply. For this reason, the meme coin could find considerable resistance here.

Nevertheless, investors’ attempts to recover their profits would motivate them to push SHIB upwards. Once $0.00002093 is breached, the altcoin would have a shot at profits.

Shiba Inu Price Analysis. Source: TradingView

However, if this breach fails, Shiba Inu’s price might consolidate within this range. This would continue until stronger bullish cues help the coin escape; otherwise, the bullish thesis would be invalidated.

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