Ethereum has experienced turbulent price action at the beginning of this week, downtrending by 2.77% and trading at the price of $1,817. The analyst says that, If the altcoin breaks out of the resistance zone between $1,906 and $1,963, then it can easily blast by another 10% at $2,000.
A popular crypto analyst, Fed Pivot is exploring buyer interest in the leading smart contract platform Ethereum, at its several different price levels to identify its next move. The anonymous host of InvestAnswers in a new strategy session tells his Youtube Subscribers that, despite ETH’s rough start at the beginning of the year it has held firm at $1,720 and is still pushing above $1,900.
“Ethereum has been very volatile, very beaten down. It held up very strongly at that 41,720 level of support, which is historical support from 2021. But this on-chain data shows a stiff supply barrier between about $1,906 and $1,963 where roughly 900,000 addresses acquired over eight million ETH.”
Considering the resistance level of ETH, he added that:
“ETH has to overcome this resistance to be able to get back above $2,200. Maybe expect a little bit of what I call ‘glass tapping’ required to bust through that level, to get through $2,000 straight to $2,200. Watch that space carefully.”
What’s Next For Bitcoin (BTC) Price?
The next look of InvestAnswers at the Bitfinex futures contracts bought on margin to measure the Bitcoin (BTC) breakout after losing over 50% of its initial value of $47,292 at the beginning of 2022.
“Margined longs hit an all-new, all-time high. Notice that the longs, which is typically a bull indicator, vastly increased in mid-May and currently stand at about nearly a hundred thousand Bitcoin contracts, its highest ever registry. To understand how severe this movement was, one might compare it to June/July of 2021, the previous all-time high of 50,000 contract longs. It’s doubled in size.”
Noting all the above the Crypto analyst concludes by saying that the renewed interest in Bitcoin futures results in a bullish indicator. Noted:
“These Bitfinex margins longs don’t get it right all the time but they do get it right about 75% of the time, so this a bullish sign that we have bottomed. I don’t promise we’ve bottomed, but all roads are really pointing to that.”
Whereas the crypto king Bitcoin is trying to recover from its big drop on June 6th, when its flash crashed from $31,518 to $29,419. It has further recaptured the level at $30,000 but is currently down by 3.62% in the last 24 hours and is floating between $30,615.