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Ethereum price came close to shattering key barrier $4,400 at the end of last week but its steam fizzled out. ETH withdrawals from exchanges have been relatively low since May and might hamper the uptrend.
Ethereum price tried to recover on November 18 and 19 as bulls tried to recover last week’s losses, bounding off the $4,000 support wall. However, the ETH recovery was rejected by the $4,400 supply zone. This resistance level may curtail any efforts to push the price of the smart contracts token higher, given the correction towards $4,100.
Ethereum Withdrawals From Exchanges Has Been on the Decline
Ether exchange withdrawals have been decreasing particularly after a sharp drop in May, based on on-chain data from Glassnode. According to this data, the amount of ETH leaving exchanges has grown exponentially during the first five months of the year. However, this metric fell sharply in May has remained below 55,750 since then.
Ether (ETH) Exchange Withdrawals
The chart above illustrates the latest drop, indicating that selling pressure might increase as the year comes to an end. Reducing exchange withdrawals is a suggestion that investors’ confidence in Ethereum’s ability to sustain the uptrend is dwindling. Thus, speculation for gains to higher levels could go down by a big margin.
Ethereum Price May Fall Towards The $4,000 Level
After being rejected by the $4,400 resistance level, Ethereum price has continued to battle increasing pressure. ETH has been forced to retest the $4,100 support zone in the wake of impending losses towards the demand area marked by the green band on the daily chart.
The position of the Relative Strength Index (RSI) at 43.16 and the entry of the Movign Average Convergence Divergence (MACD) indicator into the negative region, perhaps not easy to ignore. These two are bearish signals that suggest that Ethereum is likely to continue the downtrend, until the signals flip in favour of the bulls.
ETH/USD Daily Chart Live Chart
Analysis believe that ETH may be stuck within the $4,000 and $4,400 price range. A drop below the $4,000 support could open the gate for losses towards $3,900 and $3,700.
On the upside, Ethereum might head for an upward movement if bulls push ETH above the $4,400 supply zone indicated by the red band on the daily chart.
Note that Ethereum price may hit all-time high (ATH) above $6,500 in the near future as many analysts believe.
Crypto Analyst Nicholas Merten Makes Massive Ethereum Prediction for End of Bull Cycle – Here’s His Target
Prominent crypto analyst Nicholas Merten says that top smart contract platform Ethereum (ETH) may grow another 325% before the current bull cycle comes to an end.
In a new strategy session, the host of DataDash tells his 458,000 YouTube subscribers what he thinks it will take for Ethereum to eventually smash the $20,000 level.
“If everything goes perfect for Ethereum, if we get that opportunity to be able to get ETH to launch properly, people using roll-ups, whether it be zero-knowledge roll-ups or optimistic roll-ups, generally ‘layer-2 solutions,’ we could see a $20,000 Ethereum this cycle. I know it sounds crazy but when you look at the logarithmic chart we’ve seen these kinds of percentage returns before.”
Rollups are solutions that execute transactions outside the main Ethereum chain, but record transaction data on it. The two types of roll-ups are zero-knowledge (ZK) rollups and optimistic rollups.
The closely followed analyst says that if Ethereum maintains solid fundamentals, a rally to the $20,000 may not be as overly optimistic as it sounds. He notes that such a gain would only be about half of what ETH achieved in the first five months of 2021.
“I think it’s very reasonable we could see this kind of price level. Somewhere between our neutral and optimistic target. To play it safe, I would say that we’ve got a really solid steady stream of price action for Ethereum ahead of us. The key thing to understand is that there are periods of this cycle where Ethereum outpaces Bitcoin, which makes these higher targets reasonable.”
Ethereum is currently trading for $4,685 at time of writing, up 7% over the last week while Bitcoin has remained almost completely sideways in the same timeframe.
Ethereum price builds the momentum to hit new all-time highs
- Ethereum price develops an entry condition before a test of $5,000.
- The outperformance of Bitcoin is likely to be sustained.
- Downside risks remain but are limited.
Ethereum price is up more than 16% for the week, reflecting a resurgence of buying pressure despite the last three weeks of uncertainty. Point and Figure Analysis indicates a bullish entry opportunity is present.
Ethereum price action prepares for another run at $5,000
Ethereum price is positioned to be the primary leader in the cryptocurrency space again. It has broken out above the upper trendline of the bear flag it was trading in, denying any short sellers an opportunity to continue further selling pressure. The $4,800 price level is the final resistance zone that bulls must cross to put Ethereum at new all-time highs.
A double-top at $4,800 currently exists on the $50/3-box reversal Point and Figure chart. That double-top top creates what is likely the final buying opportunity before Ethereum hits its new all-time high. Therefore, the hypothetical long setup is a buy stop order at $4,850, a stop loss at $4,600 and a profit target at $6,250. The projected profit target is derived from the Vertical Profit Target Method in Point and Figure Analysis.
Conservative traders may wish to wait for a pullback from the current double-top and then look for a triple-top to develop. Additionally, conservative traders could wait for a Bear Trap, Bearish Fakeout, or Bearish Shakeout pattern before going long.
ETH/USDT Daily Ichimoku Chart
However, downside risks remain. Ethereum could very quickly develop a deep retracement towards the $3,300 level despite a breakout above the former bear flag. Hidden bearish divergence is now present on the daily Ichimoku chart, warning traders that the current upswing may be a false move. A daily close that returns Ethereum inside the bear flag would likely trigger a move south and invalidate any bullish entry opportunities on the Point and Figure chart.
Ethereum-Based Altcoin Erupts 280% in Just Seven Days After Announcing New Gaming Partnership
An altcoin that specializes in financial services is surging after forging a new partnership with one of the hottest metaverse games.
The price of Request Network’s native token REQ exploded 280% to the upside as news spread that popular virtual world The Sandbox (SAND) had started using Request’s basket of accounting services.
The altcoin rose from $0.20 to $0.76 in a matter of days. At time of writing, REQ is trading for $0.73.
According to the project’s website,
“Payment experiences should be free from artificial barriers imposed by closed ecosystems. We work together with leading innovators and organizations in the decentralized financial (DeFi) ecosystem to create seamless financial experiences.”
Main features of the Request Network include generating invoices to receive payments in different cryptocurrencies as well as accounting tools for financial management.
The Sandbox co-founder Sebastien Borget says that only Request Network offered the scope of solutions needed to ensure efficient workflow.
“Payments and accounting are challenging for large companies that deal in crypto. Making manual payments to large numbers of blockchain wallet addresses, and recording the transactions took up precious time and energy from the team each month.
We really needed a way to automate payments to our employees and contractors, and easily account for the company’s crypto transactions and assets during annual financial audits.
Using Request Finance has helped us slash the time we spent on making crypto payments by 90% every month. That frees up our time and mental resources to focus on building a better platform for our community of creators and gamers.”
Request Network has forged a number of partnerships as well, including with Maker (MKR), Aave (AAVE), Ocean Protocol (OCEAN), and The Graph (GRT).