Crypto Analysis Report With Charting Trends – 05 September 2023
05 Sep 2023
ETH Staking Reaches All-Time High – Is Ethereum Becoming the Ultimate Investment?
Weekly Close risks BTC price.
Heading into the first week of September, Bitcoin is battling $26,000 with the BTC price action.
The volatility of last week has subsided after a quiet weekend, and the crypto markets are back to “business as usual.”
Although Bitcoin is still in well-known territory, traders and analysts are unsure of its future course because there is no discernible pattern.
BTC price predictions on the downside are undoubtedly plenty, with $25,000, $24,750, and even $23,000 all becoming well-liked objectives in recent weeks.
Ethereum exchange deposits increase as staked ETH reaches an all-time high.
Since exchange deposits recently increased to a one-month high, (ETH) sees market instability. The amount of ETH staked on the Ethereum 2.0 deposit contract reached a record high.
Investors frequently express concern about this indicator, which tracks the movement of ETH into exchanges. An increase in exchange deposits frequently indicates a shift toward the downside, indicating a probable uptick in selling pressure.
Investors appear keen to transfer their ETH holdings to exchanges, maybe anticipating a market decline.
After Grayscale’s SEC victory, Litecoin soars and Ever Lodge’s presale draws attention.
Ripple price is facing resistance near the $0.550 level against the US dollar.
ETHEREUM: TECHNICAL OVERVIEW
Exponential Moving Average
- EMA 5: The 5-day EMA stands at 1623.12, indicating a Sell signal.
- EMA 20: The 20-day EMA is at 1639.17, signaling a Sell sentiment.
- EMA 50: The 50-day EMA currently sits at 1668.00, suggesting a Sell indication.
Simple Moving Average
- SMA 5: The 5-day SMA shows a value of 1623.99, reinforcing the Sell recommendation.
- SMA 20: With a value of 1649.54, the 20-day SMA also supports a Sell sentiment.
- SMA 50: The 50-day SMA registers at 1652.75, affirming a Sell indication.
RSI (Relative Strength Index)
The RSI, calculated over a 14-day period, stands at 39.57, signifying a negative signal.
The %K value of the Stochastic Oscillator suggests a Neutral stance.
Resistance And Support Levels
- Resistance: The resistance level is observed at 1641.67
- Support: The support level is identified at 1605.58
Summary And Trade Suggestions
In summary, the technical analysis of Ethereum points towards a sell sentiment. Considering the indicators, moving averages, and oscillators, it seems favorable for traders to enter a short position.
- Entry Point: 1580.74
- Take Profit: 1500.83
- Stop Loss: 1642.89