- Anthony Di Lorio Negative Remarks Pushes Ethereum Below $1,750
- Mike Tyson asked his 5.6 million Twitter followers whether they prefer Bitcoin or Ethereum. ETH gains support.
- Today’s idea is to place a sell limit at 1847.11 to target 1,719 and 1,640.
The ETH/USD closed at $1818.36 after placing a high of $1916.45 and a low of $1806.53. Ethereum followed the crypto market crash and dropped on Monday to its lowest since 26th June. It’s already under pressure from the latest announcement from one of its eight co-founders. He said that he was quitting the world of cryptocurrency. Thus, the Ethereum price forecast remains bearish on Tuesday.
If you are interested in trading ETH/USD with forex robots, check out our guide.
Anthony Di Lorio Negative Remarks Pushes Ethereum Below $1,750
Anthony Di Lorio followed the footsteps of Dogecoin co-founder Jackson Palmer and decided to leave the crypto industry. Palmer explained a few days back that he was leaving the industry because of ethical reasons. The whole industry is being driven by wealthy giants that made up cryptos to get a free door from tax and regulations.
At the same time, Di Lorio explained that he was leaving the industry more for personal safety reasons. He also said that he is retiring from his blockchain company Decentral. He further said that he was not feeling safe in the crypto space and warned that cryptocurrency was not what the world needed many times.
Combined with the recent market crash driven by the risk-off market sentiment, these negative comments drag ETH/USD downwards.
Mike Tyson’s Tweet Support Ethereum at 1,750 Level
Mike Tyson, a famous former American boxer, asked his 5.6 million Twitter followers whether they prefer Bitcoin or Ethereum. Tyson had recently signaled his interest in NFTs that made it clear that he has intentions to make some investment in the cryptocurrency space.
This month, Tyson announced that he was collaborating with 1ofOne, the most efficient full-service creative agency in the NFT space. 1ofOne will be an NFT studio that will develop the first official series of Mike Tyson NFTs.
The latest tweet from Tyson managed to gather a heavyweight response as Michael Saylor, the CEO of MicroStrategy, gained the most popularity for his reply. Saylor tweeted that he, too, has spent a considerable time pondering this question. However, surprisingly he said that he was in favor of BTC as he has purchased $2.9 billion of BTC thinking that it will be the future of the digital property.
This tweet from Saylor gained much popularity and attention, and hence, ETH/USD suffered more and extended its loss further to the downside. However, many other users believed that Bitcoin could not have a proper usage, making them choose ETH over BTC.
U.S. Dollar Pressures Second Leading Cryptocurrency Ethereum
The rising prices of the U.S. dollar added extra pressure on ETH/USD and accelerated the decline in its prices. The U.S. dollar is strong across the board due to its safe-haven status that gathered attention amid the rising number of cases worldwide.
The U.S. Dollar Index that measures the greenback value against the basket of six major currencies, rose to 93.04 level and added weight on ETH/USD.
Ethereum Price Forecast – Double Bottom Supports ETH at $1,750
Pivot Point: 1847.11
Ethereum Price Forecast – Technical Outlook: BTC aims for $28,650
Ethereum price forecast is strongly bearish as it has violated the symmetrical triangle pattern. On the 4-hour chart, we can see ETH/USD is testing the support level of 1,720, and there are slight odds of a bullish correction.
The leading technical tool, the Stochastic RSI, is holding at 8.16 in the oversold zone. This demonstrates that the chances of a selling trend remain strong. However, the bears may trigger profit-taking before entering more selling trades.
The breakout of a symmetrical triangle pattern on the lower side signals selling bias in the ETH/USD pair. Therefore, the traders will be keeping their eyes on 1,719 and 1,640 support levels.
The ETH/USD price forecast remains bearish today. Therefore, the forex trading participants may look for placing a sell limit at 1847.11 to target 1,719 and 1,640. All the best.
Looking to buy or trade crypto now? Invest at eToro!
Capital at risk