Ethereum is about to close an eighth consecutive red week. High-risk assets, including stocks and cryptocurrencies, are experiencing a devastating year in 2022. But where is the next significant support for ETH?
Technical Analysis
Technical Analysis By Grizzly
The Daily Chart
After Ethereum overcame its key dynamic resistance in March, it raised the possibility of an uptrend. However, things returned bearish in early April, as ETH fell unexpectedly.
Currently, the price is back upon the descending line (marked in blue), which is now acting as support. This structure means that the bulls did not have adequate power to push the price above.
This weakness in the trend is also seen in the daily candlesticks: It was exactly a year ago, on May 19, 2021, when the price reached the green demand zone where the high buying pressure caused the daily candle to close with a long bullish wick (to the downside). As can be seen, this area lies in the range between $1300 – $1500.
On the other hand,
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