Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Ethereum’s on 6 October observed that bulls could hit a major roadblock around the $1,750 price zone. This analysis was validated by the significant rejection ETH bulls suffered at the resistance level.
Even though Ethereum found temporary support at the $1,619 level, the on-chart indicators hinted at further bearish activity.The CMF highlighted the massive outflow of capital from ETH. It dropped from +0.11 to -0.06 and this could be due to profit-taking moves by ETH investors. This led to a reduction in buying pressure, with the RSI moving from the upper to the lower range. Similarly, the OBV continued to trend downwards, which could further limit the chances of a sustained bullish uptrend.
Consequently, the selling pressure could persist, leading to a break of the $1,619 support level. This would offer sellers a 5% profit opportunity, with the $1,550 support serving as the bearish target., the 30d ratio showed short-term holders with slight profits. However, the 90d ratio showed long-term holders were still in negative territory.
This suggested that bulls could still mount a recovery from the support level with long-term holders less likely to join the selling wave.Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »