Last week, after the interest rate hike decision, the market accelerated decline again after a one-day honeymoon. Concerns about the economic system made the positive tone of interest rate hikes useless. After dumping below the previous low, the price continued its downward move without hesitation, reaching the support level of July 2021.
With the sharp decline in UST, it is unknown whether it will cause other systemic risks at such low price level. A lot of cryptocurrencies are at 9 months lows and are likely to continue to fall. You know, after badly injured, you're still in pain for a long time, even if not bleed.
ETH, like BTC, has steepened the slope after opening a bearish channel. The price needs to get back above the lower rail of the channel to bring the market back to rationality. Let's take a look at something different from BTC. The current price of ETH is still some distance from the July support level. The current price is near the January low, which has some support here.
Conclusion: Mostly falling. Our conclusion is based on the fact that the strength of the bears did not decay in the last week. Above we mentioned support at 2300, which was the half position of the pin on Jan.24 and was tested on Feb.24. The resistance level is at 2500, which is also the confirmation point of the bears. It is difficult for the price to reach this level in a short time.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
With the sharp decline in UST, it is unknown whether it will cause other systemic risks at such low price level. A lot of cryptocurrencies are at 9 months lows and are likely to continue to fall. You know, after badly injured, you're still in pain for a long time, even if not bleed.
ETH, like BTC, has steepened the slope after opening a bearish channel. The price needs to get back above the lower rail of the channel to bring the market back to rationality. Let's take a look at something different from BTC. The current price of ETH is still some distance from the July support level. The current price is near the January low, which has some support here.
Conclusion: Mostly falling. Our conclusion is based on the fact that the strength of the bears did not decay in the last week. Above we mentioned support at 2300, which was the half position of the pin on Jan.24 and was tested on Feb.24. The resistance level is at 2500, which is also the confirmation point of the bears. It is difficult for the price to reach this level in a short time.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
