Ethereum experienced a sudden collapse and lost 10% of its value. This led to the cryptocurrency trading at its lowest point against Bitcoin since October last year.
Technical Analysis
By Grizzly
The Daily Chart
As the blue rectangle is shown in the Binance-Futures chart – since the first ATH, all uptrends have been accompanied by an increase in the Volume Delta. This confluence indicates that the dominance of the takers-buy (aggressive buyers) orders in the futures market could be a reliable signal for a trend reversal. Moreover, the mentioned signal can also be reverified by the Directional Trend Index (DTI) – this verification method failed in only one case (yellow box).
Currently, the DTI is about to break the red line signaling a potential reversal. The taker-buy side has also dominated the market in the last two weeks.
Suppose traders push the price towards the static support at $1700. In that case, the buying intensity would determine the market’s sentiment in the longer t
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