Crypto analysis: Ethereum(ETH) shows 3.3% price jump, after Fed rate cut
Crypto chart analysis: (ETH)
Ethereum (ETH) is up 3% on Friday following a recent report by Steno Research that the Federal Reserve (Fed) rate cut earlier in the week would spark an ETH rally similar to its performance during the last altcoin season.
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ETH chart analysis |
Ethereum is currently trading around $2,564, showing a 3.3% increase. ETH has seen $25.3 million in liquidations in recent times. These liquidations include $9.67 million from long positions and $15.63 million from short positions. Ethereum is trying to correct its price on the 4-hour chart, nearing the $2,595 resistance level.
On the downside, Ethereum might hover around the 100-day Simple Moving Average (SMA) before retesting the $2,595 resistance level. If Ethereum successfully moves above this level, it could aim for the next resistance at $2,817. This $2,817 price has been a significant resistance since the market crash on August 5. It also served as a key support level for over four months after Ethereum's decline from its yearly high in March.
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If Ethereum drops below the 100-day SMA, it could find support around $2,395. If the bulls can defend this support level, it might indicate a growing bullish trend. The 4-hour Relative Strength Index (RSI) and Stochastic momentum indicators are currently moving down from their overbought regions at 70 and 80, respectively.
In the short term, Ethereum could rise to $2,572, potentially leading to liquidations worth $39.68 million. This upward movement could help balance the market and provide new opportunities for traders and investors.
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