. Crypto Analysis Report With Charting Trends - 05 September 2023

Crypto Analysis Report With Charting Trends – 05 September 2023

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.


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.

Stochastic Oscillator

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.

Trade Suggestion:

  • Entry Point: 1580.74
  • Take Profit: 1500.83
  • Stop Loss: 1642.89