Yesterday, after the closing of US-based stocks in global markets, serious decreases occurred.
Especially Facebook, paypal Spotify shares fell sharply.
When we look at the stock markets, it was seen that these stocks decreased by about 15%.
On the other hand, the news of the hacking of the popular blockchain bridge Wormhole, which connects Etherum, Solana and more chains, triggered the continuation of the pullbacks on the side of Bitcoin and ETH, which are in a downtrend.
In particular, the news of the hacking caused a panic on the DeFi side.
On a price basis, the fact that it found buyers at the support level of $ 33,000 on the BTC side, and increased by about 20% from this level, caused its reflections on the price movements on the ETH side.
Continuing its downtrend pricing, Etherum tested the $2,800 resistance yesterday and today.
Currently, the $2,800 and $2,900 bands appear to be an important resistance range.
However, with the rejection from this resistance level, where ETH cannot go above the MA 50 / 100 / 200 moving averages, possible pullbacks can be seen to make another bottom to the lower support level.
From another point of view, if there is a scenario similar to the same major support area that started the rise on June 23 and July 20, the levels of $ 1,650 and $ 1,800 can be followed.
When we look at the ETH/BTC partition, we can see that the same situation is valid there and that the ETH value is moving below the moving averages against BTC.
The price is currently trading below the resistance level. As a good scenario, if this resistance level is broken with volume and persisted above, the levels of $ 3,200 and $ 3,500 can be followed in the first place.
To summarize; As both USDT and BTC are in a region close to Ethereum’s resistance level and there is not enough volume yet, possible pullbacks can be seen with the continuation of uncertain movements.