Home CryptocurrencyThe price of bitcoin seems to be a dive, Ath bulls remain stable

The price of bitcoin seems to be a dive, Ath bulls remain stable

by Hammad khalil
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key takeaways:

  • The sharp structure of the ether is also intact as the broad crypto market shows weakness.

  • More than 540,000 Eth New Wale Wallet has been accumulated from 9 July.

  • The concentration of orders to buy between $ 3,000 to $ 3,400 increases the risk of a leaked sweep to a new height before a Rali.

After killing an annual high level of $ 3,850 on Binance, Ether (Eth) has shown strong flexibility ThanCoin (BTC) during recent pullbacks. While BTC slipped into the new rank in $ 115,000, ETH continues to trade above the support level of $ 3,500, retains its rapid structure and powerfully monitors one step towards $ 4,000.

On a four-hour chart, Eth is holding a 50-day exponential moving average (EMA). On one-hour chart, it remains above the 200-day EMA, with signaling strengthened the strength in the major short time frames.

Ether one hour chart. Source: Cointelegraph/TardingView

A potential inverted head and shoulder pattern are being formed on a one -hour chart. A confirmed breakout above $ 3,750, a major resistance and descending trendline, can send up to $ 4,000.

Crypto’s analyst Byzantin Jenal has recently seen the ability for Eth for re -watching the higher, stating that the property can be predicted for “another stab on high”.

However, if the ETH loses the level of $ 3,500, the rapid setup will probably be invalid. In that case, prime re -see the fair price difference between $ 3,150 and $ 3,300 before a recovery.

Related: Eric Trump ‘Agreed’ Ether should be more than $ 8K because global M2 Money SOars

Will Ether RTEST $ 3,100?

Ether (Ath) has demonstrated notable strength against widespread market weakness, roughly aggressive whales and institutional accumulation.

Since July 9, eight newly built whale wallets have collected 540,460 ETHs for about 2 billion dollars. The three wallets scooped another 74,207 Eth ($ 273 million) on Thursday, indicating strong confidence among large investors.

The strategic accumulation of ether has also increased in recent weeks. Holding between big corporations has increased from 1.2 million to 2.3 million in about four weeks. Tom Lee’s investment firm, Bit Mine, who has acquired 266,119 Eth ($ 970 million) in the last one week, is now 566,776 Eth, priced at $ 2.06 billion, which is the largest ether treasury among institutional institutions.

Strategic ether Treasury holder. Source: Strategicethreserve.xyz

However, a technical indication presents a short -term concern. Data indicated that currently ETHs have 245,000 ETHs in procurement orders, between $ 3,000 and $ 3,400 range, stacked on the bid side of Peritual Futures Books. This increase in demand indicates strong interest, but also highlights a liquidity difference under the current levels.

To tighten the spot and derivative order books, ETH can sweep in this purchase zone. A short -term decline over $ 3,400 or even $ 3,100 remains on the table.

Ether dialect-liquidity. Source: Kiotaka/X

Related: Ether will ‘knock to $ 4,000’ and soon perform better than bitcoin: Novogratz

There are no investment advice or recommendations in this article. Every investment and trading film includes risk, and readers should do their research while taking decisions.