Cryptocurrency closely related to the markets FOMC The decisions of the meeting will be revealed on March 3, 2023. While crypto investors are feeling negative due to the upcoming monetary policy meeting, analysts are trying to predict the next move with technical comments.
Crypto Phenomenon Sees Critical Formation In Ethereum!
Blockchain and Carl From The Moon, the founder of CryptoJobs, which brings job seekers and employers together in the field of crypto, continues to share his technical analysis with his 1.3 million followers.
Phenomenon claiming to have invested in around 400 crypto startups in his profile description, Ethereum detected a Shoulder-Head-Shoulder (OBO) pattern on his chart.
CHART: #Ethereum Head & Shoulders Pattern. pic.twitter.com/59aOspi7gv
— Carl From The Moon (@TheMoonCarl) May 1, 2023
Making an inference on the 4-hour chart, the Twitter phenomenon set $1,570 as the formation target if the $1,800 level is broken down.
Shoulder-Head-Shoulder is a technical analysis formation that is generally interpreted in the bearish direction.
On-Chain Data Weak According to Ali Martinez
Another social media phenomenon, Ali Martinez, shared on-chain data from Glassnode.
Commenting on the number of active users graph, Martinez suggested that participation in the Ethereum network is currently weak.
#Ethereum | Increased active users, transaction volume, and blockspace demand indicate healthy $ETH network adoption.
However, the monthly average of active #ETH addresses has been rejected by the yearly average, suggesting weak network fundamentals and reduced utilization. pic.twitter.com/c5Lsl7hhmf
— Ali (@ali_charts) May 1, 2023
“The increase in the number of active users indicates the growth in the ETH network. However, the fact that the monthly average cannot exceed the annual average indicates a weak course.”
Especially after the FED’s interest rate decision, a more volatile price movement is expected in cryptocurrencies. Especially the fact that the ETH/BTC chart is at the support level can be quite positive for altcoins in the scenario that Bitcoin does not experience a sharp decline.
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