Ethereum The price presents a not-so-good picture for the bulls this week, both technically and due to tail risks. As the bulls failed to close above a crucial technical resistance, the price action shifted downwards and moved away from the key historical resistance. If the current tail risks are combined with the negative news from the Russian front, there is a possibility of more losses on the table. This, in turn, will trigger a massive sell-off in the ETH price action.
Koinfinans.com As we reported earlier, Ethereum price is not looking very good both technically and due to geopolitical developments affecting price action. From a technical standpoint, the June 26 bull trap trapped many bulls trying to get involved in the breakout, which turned out to be wrong and quickly led to a downside squeeze. NATO’s negotiation of a doubling of troop forces in Eastern Europe and the US commitment to build a permanent base in Poland increased the stress and fears of the cold war and the possibility of possible retaliation with a panic attack from Russia.
Because, Ethereum price could test a new low. By doing this, the $830 level will come into play again and will be tested for support. That would mean 30% of the losses added to the already battered price action.
The improvement in the commodities market, all sectorsbear market” moments, and by now it will mean investors can start buying the dip. This means more cash inflows while price action is still falling but at a much slower pace. This could lead to a slow but sure reversal and result in a retracement above $1,243. As the buying continues, the price could move higher and set sail for $1,400 as an intermediate target.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.