The expert predicts the fall of ETH to $1000
The ETH rate has dropped below $1400 and the continued decline marks a clear breakout of the 6-day trading range of $1,460 - $1,660
Apparently, sellers are in full control of the situation, as evidenced by the almost absent lower and upper wicks on the candle charts. This situation hints at a bearish mood and often portends deeper falls.
The MACD histogram on the daily chart (the indicator is used to measure the strength of the trend and possible changes) indicates the loss of the upward momentum. Thus, the focus shifted to the 50-day simple moving average at $1,293. Resistance is observed at the previous week's high of $1,664, followed by an interim low of $2,160 recorded on January 24.
"The ETH pullback may find initial support at the 50-day moving average ($1,293), but on the next round of decline we expect to retest the intermediate support around $1,000," said Katie Stockton, founder and managing partner of Fairlead Strategies
Stockton explained the pullback from recent highs with short-term signs of investor exhaustion and noted that it would take at least several months to establish the main minimum of ETH.
The expected increase in the interest rate by the US Federal Reserve has pushed into the background the bullish news about the merger in the Ethereum network on September 19, which caused the ETH rally from $ 1200 to $ 1660.
Subscribe to the channel coin-signal.com in Telegram - always the latest news and market overview
https://coin-signal.com/cryptonews/the-expert-predicts-the-fall-of-eth-to-1000/
#1000, #Cryptonews, #Eth, #Expert, #Predicts
#CryptoNews