Ethereum tumbles 1.48% to 1333.32 on Wednesday.
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
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.
LONG-TERM TECHNICAL ANALYSIS
This daily chart of Ethereum indicates, that Ethereum was trading in a down channel, RSI suggests that the market is in a selling zone which indicates bearishness, it is trading below all SMA except MA (5), MACD is in a selling zone which indicates bearishness