Tony M. FXStreet Follow Following
Ethereum price shows significant smart money interest. A sharp liquidation could occur before prices move higher.
Ethereum price has displayed applause-worthy strength throughout the last few weeks. Since early June forecasts have called for a potential market bottom with bullish targets between $1800 and $2200.
“If the bears can breach $1536, a spike into $1800 could occur,” was forecasted in July.
ETH/USDT Historical Lows
Ethereum price has validated the early bullish claims as it made its furs contact with the $1800 barrier on Monday August 8, 2022.
Ethereum price currently auctions at $1712 as profit taking near the anticipated target zone unfolds. Although technicals suggest significant strength in the market, a smart money liquidation should be on every trader's radar targeting $1600 and potentially $1540.
CryptoQuant’s On-chain analysis indicators confound with the short-term bearish potentiality. According to the Exchange Net Flow Total indicator, Ethereum price witnessed a massive influx of deposits causing a 255% imbalance in the last 24 hours. According to CryptoQuant, the indicators can be used to gauge selling pressure in the market.
Cyrypto Quant Exchange Netflow Total
CryptoQuants indicators suggest significant smart money involvement around the decentralized smart contract token. Ethereum price could continue rallying higher towards $1900 and potentially $2200 in the weeks to come but the Invalidation level is crucial, ETH price should under no circumstances fall below $1250. In doing so, the macro count would become problematic while dually prompting a demise towards $400, resulting in a 75% decrease from the current Ethereum price.
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market. -FXStreet Team
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Polygon (MATIC) price action has been on treading nervously this week, with weekly earnings switching back and forth between profit and loss. It all comes down to trading this Friday to see if bulls can eke out a winning week.
Shiba Inu price positively reacted to the United States inflation report, forming a bullish candle on its daily chart. The second-largest meme coin brushed shoulders with $0.00001287 but pulled back to test support highlighted by the 100-day Simple Moving Average (SMA) at $0.00001170.
Crypto.com Coin (CRO) price action is looking to execute a bullish breakout above $0.16. Ignorant bulls will try to be part of that rally, but that could prove a big mistake as a few risks need to be taken into account to be sure that this rally still has legs.
Solana (SOL) price action is set to close out the week with a mere 7% gain depending on where it ends Friday evening after the US closing bell. Overall it has been a good trading week from a fundamental perspective and technicals in a supporting role.
Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection, its technicals support a bearish outlook for the leading crypto.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.