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29.04.2022 05:30 PM
Trading Signal for Ethereum (ETH/USD) for April 29 - 30, 2022: sell below $3,020 (200 EMA - bearish channel)

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Ethereum (ETH/USD) is trading below the 21 SMA and below the 200 EMA. As it is below these two moving averages, it means that ETH could continue its downward movement in the coming days and reach 2,656 and the key level of 2,500 (0/8 Murray).

According to data from the Ethereum burn tracker, $6.25 billion worth of ETH has been burned so far and has been permanently taken out of circulation.

Typically, a drop in the circulating supply of an asset increases buying pressure on exchanges. A reduction in Ether reserves on exchanges could drive up its price amid an increase in demand.

However, there are other factors that exert downward pressure on Ether. One of these is the increase in interest rates by the Federal Reserve, which makes investors seek refuge in the dollar and stop investing in risky assets such as cryptocurrencies.

The first week of May will be decisive for the cryptocurrency market, since the Fed will announce an increase in its interest rate of 0.50%.

This is a crucial factor for the strength of Ether. It could fall towards 2,500 and then rebound and reach the psychological level of $3,000. Conversely, a pullback towards the area of 3,500 could be an opportunity for the bears to sell and hit the target 2,500.

According to the 4-hour chart, we can sell below the 21 SMA located at 2,900 with targets at 2,812. In case of a daily close below 2,800, ETH is expected to drop to the support 1/8 Murray around 2,656. If the bearish pressure prevails, it could even reach 0/8 Murray at 2,500.

We can see in the chart that since April 18 ETH has been trading within a downtrend channel. Therefore, a pullback towards the 200 EMA around 3,020 will be an opportunity to sell, with targets at 2,656 (1/8 Murray).

The eagle indicator is giving a negative signal and any bounce will be seen as an opportunity to continue selling.

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Dimitrios Zappas
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Jana pendapatan melalui perubahan kadar mata wang kripto dengan InstaForex.
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