Ethereum Pulls Darth Maul, ETH Price Recovers 10% In One Hour
15 Juni 2022 - 10:41PM
NEWSBTC
Data from Coingecko, at the time of writing, records a slight
recovery for Ethereum and large cryptocurrencies. The second crypto
by market cap has been trending to the downside over the past weeks
and was seeing briefly breaking below $1,000 on certain venues.
Related Reading | TA: Ethereum Could Resume Decline Below
$1,100, Bears In Control At the time of writing, Ethereum (ETH)
trades at $1,180 with a 35% loss in the past 7-days. According to
economist Alex Krüger, ETH’s price records a 20% loss and 20%
profit during today’s trading session which could be a first in the
cryptocurrency’s history. $ETH has put in a 20% intraday round
tripper today. 20% down, then 20% up. Not sure if this has ever
happened before. — Alex Krüger (@krugermacro) June 15, 2022 Similar
to Bitcoin, Ethereum is reacting to the downside of the
macroeconomic situation. As the U.S. Federal Reserve (FED)
announced a 75 basis points increase in interest rates, preceded by
a cascade of liquidations and negative news for the crypto market,
BTC and ETH were able to regain some bullish momentum. Potentially
driven by overextended selling pressure, and panic amongst crypto
investors, ETH’s price bounced back from around $1,000 to its
current levels. Krüger believes the current price action is part of
a well-established market pattern: (…) since December. Hawkish
market expectations => prices tank in anticipation => hawkish
FOMC => assets rally. Partially priced in something. Not a meme.
This has been so consistent it’s developed into a pattern. It won’t
last forever. The market could see more volatility in the coming
days. Krüger believes the market could continue to positively react
to the FED’s announcement as it was within expectations. Thus, the
bounce could see some continuation. He added: Market liked hawkish
Powell. Short rates higher (in response to increased hawkishness),
long rates lower (in response to increased credibility in the Fed’s
ability to reign in inflation). Hoping this sticks and we get
continuation. Ethereum Sees Short-Term Buying Pressure Data from
Material Indicators (MI) records an increase in buying pressure for
ETH on crypto exchange Binance. In lower timeframes, almost all
invertors classes shifted from selling to buying the current price
action. Related Reading | Tron Falls Sharply As Sun Scrambles
To Save Stablecoin This could contribute to ETH’s current momentum
and possibly push the cryptocurrency to previous levels. However,
ETH whales (in brown on the chart below) sold into today’s price
action and could get in the way of any sustainable recovery.
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