DCG a leading digital-asset conglomerate, has announced the closure of its TradeBlock subsidiary citing the challenging regulatory environment."/>
Breaking Above This Level Might Trigger A Bullish Momentum For Ethereum Price
Ethereum managed to surpass the $1,800 price level initially, but it has been experiencing a period of consolidation recently. In the past 24 hours, there has not been much progress in the price movement. Similarly, the weekly chart shows that Ethereum has not made significant price advancements during this timeframe.
The technical outlook for ETH is bearish, with indications of falling demand and accumulation. This suggests a lack of enthusiasm from buyers since Ethereum started trading sideways. The altcoin has been consolidating below an important resistance level, which, if successfully surpassed, could pave the way for a potential recovery.
Furthermore, ETH has formed a pattern that suggests the possibility of a bullish breakout in the near future. However, it’s important to note that for Ethereum to reverse its declining price trend, it will require broader market support.
The market capitalization of Ethereum has declined, indicating an increasing dominance of sellers. This suggests that selling pressure has been mounting.Ethereum Price Analysis: One-Day ChartEthereum was priced at $1,819 on the one-day chart | Source: ETHUSD on TradingView
At the time of writing, Ethereum (ETH) was priced at $1,819. After surpassing the resistance level at $1,800, Ethereum has struggled to maintain a clear price direction. The next significant resistance for the coin is at $1,822, and if this level is surpassed, there is a possibility of Ethereum attempting to breach $1,840.
Currently, ETH is displaying a downward wedge pattern, which is considered a bullish formation and suggests a potential price reversal in the future. However, if ETH falls from its current level, it could reach $1,800 and potentially even dip below $1,790.
The trading volume of Ethereum in the last session has also declined, indicating a decrease in buying strength. But this could also point toward fatigue among sellers.Technical AnalysisEthereum registered low buying strength on the one-day chart | Source: ETHUSD on TradingView
The Average Directional Index (Red) is below the 20-mark, indicating a weak price direction. However, there is a potential hint of recovery suggested by the Chaikin Money Flow indicator. It has moved above the half-line, indicating that capital inflows are surpassing capital outflows.
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
After launching a blockchain, DEX & a stablecoin, crypto giant Binance is now gearing up to launch another product for the growing Web3 space.
According to a new report, Silbert's DCG, which runs the crypto broking agency Genesis, allegedly owes its creditors more than $3 billion.
The U.S. Department of Justice (DoJ) has just announced that they have seized the site of a Russian crypto exchange named Bitzlato.
Tue, 18 Apr 2023More
Japan’s National Tax Agency has partially revised its corporate tax guidelines, implementing new tax rules for token issuers.
A recent hack stole 3,248 ETH from Axie Infinity co-founder addresses over the Ronin bridge, raising concerns about the security of the chain."/>
Coinbase, a prominent crypto exchange headquartered in the United States, has debunked allegations that it was instructed by the Nigerian..."/>
Dogecoin has seen abysmal performance in the last year, even while the likes of Bitcoin and Ethereum went on to hit new yearly highs."/>
On Thursday, February 22, Bitcoin miner Riot Platforms, along with industry groups Texas Blockchain Council (TBC) and the Chamber of Digital Commerce,"/>
Dogecoin is once again on the radar of crypto investors after multiple important patterns have made their way to the fore."/>
Digital Currency Group Alleges Bankruptcy Code Violations, Calls For Revamp Of NYAG And Genesis Settlement
Digital Currency Group (DCG), the parent company of Genesis Capital, has contested the settlement agreement reached with the NYAG office."/>
Bitcoin soaks in an average of $607 million per day in new investor demand versus only $46 million outflows through mining"/>