Technical Analysis of Ethereum – 22 September 2022

Ethereum Technical Analysis

Famous Billionaire Mike Novo Gratz Forecast Ethereum Bottom After Merger!

Ethereum tumbles 3.75% to 1304.99 on Thursday.

Mike Novo Gratz says after the merger Ethereum had a big move down. The merger was an amazing performance in lots of ways, it shows the decentralized community can accomplish something that’s really complicated. We all know that Ethereum had gone from $1000 to $2000. After that, we could clearly see a pullback after that and mike feels that $1,250 should be the bottom here and so Ethereum is closer to the bottom than the top.

Novo Gratz says that bitcoin falling dramatically because of increasing interest rates by institutions

Blackrock deal with Coinbase and their own fund when people are coming to buy and bitcoin could go as lower as it can

On Wednesday Binance exchange announced that it has received the MVP license from Dubai, UAE, Binance now opens a client money account with a domestic bank.

Most of the Altcoins are in the red zone, Bitcoin shows no reversal trend. The market condition can be tracked by several factors such as the federal reserve interest rate hike

The major resistance for bitcoin is $20,000 and it’s stuck below this level and it will go down for some time because it breaks the major support of $19600.

Ethereum and other altcoins take over the price action and push the sector upward

 According to the exchange, the automatic balance conversation will be starting on sep29.

On technical fronts, Ethereum stood at 42.882, and currently, it is trading below all SMA, so a sell position can be taken with the following target and stop-loss

Trade signal: SELL AT 1305.50, TAKE PROFIT AT 1250.00, and STOPLOSS AT 1349.00

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