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Ethereum price analysis: ETH fighting bears at $3,400

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  • Ethereum price analysis reveals that the cryptocurrency is in mildly hot waters.
  • Ethereum followed Bitcoin into the flash crash and has been struggling since.
  • Strong support is currently found at the $3,370 mark.
  • Strong resistance is currently found at the $3,500 mark.

Ethereum price analysis shows that the queen of cryptocurrency has been suffering from the same issues as the king Bitcoin ever since the flash crash on the 7th of September. Ethereum price recovered to the same level as the current price, i.e., $3,390 mark on the day of the flash crash, and has been trading within the same range ever since. During the past 24 hours, Ethereum’s price fell by 4.37 percent, while the cryptocurrency has lost 12.83 percent of value over the past seven-days trend.

Ethereum price analysis 1-day candlestick show bearish control

The one-day Ethereum price analysis chart shows bearish signals controlling the current price movement. The upper Bollinger band is found at the $4,050 mark, also showing the strongest resistance point with a slight decrease in volatility when compared to the past few days. The queen of cryptocurrency is largely bearish on the chart since both the nine-day moving average (MA) and the Bollinger bands’ average are posing resistance to the price movement.

Ethereum price analysis: ETH fighting bears at $3,400 1
The nine-day MA is found at the $3,692 mark, while the Bollinger bands’ average is found at the $3,476 mark. Whereas the lower Bollinger band is found below the price, acting as the strongest support mark at the $2,902 value. The relative strength index (RSI) is also showing a neutral score of 50, providing an equal opportunity to bulls and bears.
ETH/USD 4 hour chart reconfirms low volatility
On the four-hour Ethereum price analysis chart, ETH further reconfirms the lowering volatility and chances for bullish short sprints at the time of writing. The 24-hours loss has slightly decreased to 3.45 percent while writing this analysis. The upper Bollinger band is found at the $3,736 mark, also posing the strongest resistance point. While the lower Bollinger band poses the strongest support point at the $3,223 mark.
Ethereum price analysis: ETH fighting bears at $3,400 2ETH/USD 4-hour candlestick price chart. Source: Trading View
Both the nine-day MA and the Bollinger bands’ average are also found in the resistance zone, with the Bollinger bands’ value standing at the $3,479 mark and the nine-day MA value standing at the $3,457 mark. The relative strength index is slightly decreased compared to the one-day chart, with a score of 37.44 providing more opportunity to the bullish side.
Ethereum price analysis conclusion
Ethereum price analysis reveals that the queen of cryptocurrency is struggling in an overall bearish market to make short bullish strides. The market had crashed after a three billion dollar derivative’s liquidation on the Bitcoin network. With such a huge whale movement, the market is likely to stay stuck for at least a week or two before rising up to the previous levels. If the current support persists, Ethereum can overcome the next resistance at the $3,500 mark. However, if the current support falters, Ethereum is likely to fall below the $3,300 level, or even $3,200 is likely.

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Ethereum

Ethereum Challenger Terra Becomes Third-Largest Blockchain by Total Value Locked, Surpassing Solana and Avalanche

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Decentralized finance (DeFi) platform Terra (LUNA) has surpassed its rival blockchains to become the third-largest crypto by total value locked (TVL).

Crypto market intelligence firm Delphi Digital says that the Ethereum competitor has now overtaken Solana (SOL) and Avalanche (AVAX) in terms of TVL primarily due to value growth in Bonded Luna (bLuna), which is the token used by liquid staking protocol Lido as collateral to borrow stablecoin TerraUSD (UST) within the Anchor protocol.

“TVL on Terra network overtook Avalanche and Solana, making it [the] third-largest blockchain by TVL after Ethereum (ETH) and Binance Smart Chain (BSC).

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It’s important to note that TVL numbers are highly reflective alongside native token prices as they are commonly used as collateral in DeFi and as base pairs for DEXes. In Terra’s case, DEX base pairs usually utilize Tether instead of LUNA, therefore this growth in TVL is primarily contributed by value growth in Lido bLuna.”

The TVL of a DeFi platform is the total value held within its smart contracts. It is calculated by multiplying the amount of funds locked into the network as collateral by the current price of the assets.

Delphi Digital points to how LUNA’s rise has helped Terra’s stablecoin UST increase its overall supply by 4 billion tokens due to a proposal to mint UST on the Terra network.

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“The increase in UST Supply from under $3 billion to $7 billion across mid-November was due to this proposal to mint UST with LUNA in the community pool to grow the Terra ecosystem through UST usage.

UST did another ~$1 billion of growth in circulating supply after 19th November.”

LUNA is exchanging hands at $70.85 as of writing, an 46% increase from its 30-day low of $38.06.

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Fourth-Largest Ethereum Whale Pounces on Large-Cap Altcoin, Accumulating $580,000,000 in Crypto

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One mega-whale just loaded up on an Ethereum (ETH) token that powers a popular crypto marketplace.

The blockchain-transaction tracker WhaleStats reveals that the unnamed wallet received 14,000,000 FTT, the native token of the FTX exchange. The transaction was worth $581,444,018 at time of sending.

The whale now holds over $1.2 billion worth of FTT with a total value exceeding $3.8 billion and is now ranked fourth on the WhaleStats’ list of the top 1000 Ethereum wallets, excluding the ETH cryptocurrency itself.

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Source: WhaleStats

Popular crypto analyst Smart Contracter is also showing interest in FTT, noting that the Fibonacci ABC spacing between sharp highs and lows on the coin’s historical chart offers encouraging signs for future price action.

The trader says in a tweet to his 196,000 followers,

“Been a long while since I played FTT but I actually think a major bottom is in and we go to [all-time highs] from here.

Perfect ABC on super-high timeframes where ABC came below the 0.618 and bull/bear periods are almost 1:1 extension.”

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Source: Smart Contracter/Twitter

In late October news broke that FTX had purchased advertising airtime during the February 2022 Super Bowl as part of a wider push to bring crypto awareness to the mainstream.

Last week FTX also announced the launch of a marketplace for Ethereum-based non-fungible tokens (NFTs).

At time of writing, the FTT token is mostly flat on the day and trading at $42.73.

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Top Trader Says Ethereum Looks Exceptionally Bullish, Unveils Targets for Bitcoin and Explosive Altcoin Terra

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A popular crypto analyst believes Ethereum (ETH), Bitcoin (BTC) and one altcoin are about to blast off and leave the recent market-wide slump in the dust.

The pseudonymous crypto strategist and trader Kaleo tells his 454,000 Twitter followers that ETH’s time to shine has arrived as the “king” of the layer-1 blockchain protocols.

The analyst says,

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“ETH is so bullish after the most recent flush it’s not even funny.

We’ve seen a major rotation play among the alt [Layer-1s] the past few months.

It only makes sense that the king of the L1s finally has a chance to suck liquidity from the rest of the market and have a run of its own.”

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Ethereum is about even on the day, trading for $4,346 at time of writing.

Kaleo next looks at Bitcoin and says he still believes the top crypto will reach at least $100,000 during the current cycle.

“I’ve said it before and I’ll say it again – I still expect to see Bitcoin have a parabolic move to top out at $100K+ this cycle.

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I’ll gladly start scaling out around $150K. I expect it to go higher, but I’m not concerned with nailing the top. Until then, just keep stacking.”

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Source: Kaleo/Twitter

BTC currently sits at $50,900 after having battled back from a flash-crash low around the $43,500 level on December 3rd.

Lastly, the crypto analyst lays out his price prediction for the Terra (LUNA) protocol, whose native token LUNA underpins a suite of decentralized stablecoins.

Kaleo tells his followers that Terra reaching the $100 threshold is inevitable.

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“LUNA going to $100 from here is only a matter of time.”

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Source: Kaleo/Twitter

LUNA has seen some wild price action in recent days, with the altcoin tumbling from $69.66 to $53.64 late last week before surging to $77.37 on Sunday.

The 10th-ranked crypto has since corrected but is back up 5% on the day to $70.74.

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