- Anthony Di Lorio Pushes Ethereum Under $1,800
- MicroStrategy CEO Tweet Drive Bears in Ethereum
- Today’s idea is to place a sell limit at 1847.11 to target 1,650.
The ETH/USD closed at $1788.40 after placing a high of $1840.14 and a low of $1719.48. Ethereum extended its loss for the 3rd consecutive session and reached its lowest since 21st March. Ethereum price forecast remains bearish amid negative fundamentals and technical outlook.
Ethereum followed the latest crackdown in cryptomarket driven by the plunging prices of the leading cryptocurrency. The risk-off market sentiment not only weighed on the Treasury Yields but also dragged stocks and crypto from their highs. One of the leading Wall Street Indexes, the Dow Jones Industrial Average, fell to its nine-month lowest level following the decreased demand for riskier assets in the previous trading session.
Similarly, the crypto market also saw a little crackdown as Bitcoin reached below $30,000, and investors started believing that this might trigger a massive sell-off in the market. Hence, most investors tried to book profit to avoid maximum losses and find new entry points after the plunge.
Anthony Di Lorio Pushes Ethereum Under $1,800
The latest push in the downward direction in ETH prices was given by the negative comments from Anthony Di Lorio. One of the eight co-founders of Ethereum announced a few days back that he was quitting the crypto world.
According to Di Lorio, leaving the whole industry was not against the mechanism of the crypto market. Instead, he was going on personal safety concerns. He further explained that he was not feeling safe in the crypto space and warned that cryptocurrency was not what the world needed at many times.
MicroStrategy CEO Tweet Drive Bears in Ethereum
A tweet from the CEO of MicroStrategy in favor of Bitcoin against Ethereum added extra pressure on ETH/USD. In reply to a question proposed by Mike Tyson about whether they prefer BTC or ETH, Michael Saylor said that he had invested about $2.9 billion in BTC as he thinks it is a digital property of the future. This answer from a famous crypto figure added weight on ETH/USD and dragged its prices further on the downside.
However, some independent creators were launching a crowdfunding campaign to create a new documentary about the Ethereum blockchain named Ethereum: The Infinite Garden. The initial goal was to collect 750 ETH, which was surpassed in 3-days.
The total amount has reached 1035.96 ETH, which is equal to $1.9 million, and so far, 662 people have backed the project. The video is expected to release premiere in 2023 winters while the film will feature the creator of ETH, Vitalik Buterin.
Bullish Dollar Keeps Ethereum Lower
Another reason behind the declining prices of ETH/USD could be the rising prices of the U.S. dollar as the greenback was strong across the board amid the prevailing risk-off market sentiment keeping riskier assets like stocks ad crypto under pressure lately. The U.S. dollar remained green throughout Tuesday’s trading session, reached 93.17 level, and added further loss in ETH/USD as both are negatively correlated.
Ethereum (ETH/USD) Forecast – Key Resistance at $1,800
Pivot Point: 1847.11
Ethereum Price Forecast – Technical Outlook: ETH Faces Headwind at $0.1685
Ethereum price forecast is bearish as the 50 periods EMA (Exponential Moving Average – Red) is adding selling pressure at $1,800.
The ETH/USD has bounced off the support level of 1,720 level. The closing of a bullish engulfing candle above 1,720 support has driven a slight correction in the pair.
ETH/USD is on a bullish correction, and it will be a mistake to consider it a bullish reversal. Until and unless the ETH/USD pair crosses over 1,830 levels, the trading bias will remain bearish for Ethereum.
A bullish breakout of 1,830 resistance can lead ETH/USD price towards the next resistance level of 1,920 and 1,993 levels.
The ETH/USD price forecast remains bearish, and so far, the solid technical reason is the 50 periods EMA. The 50 Exponential Moving Average – Red Line is suggesting a selling trend below 1,800 level. At the same time, Stochastic is entering a buying zone. Consequently, the forex trading participants may look for placing a sell limit at 1847.11 to target 1,650. All the best.
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