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By CryptoSaint · Posted
Ethereum's recent price movement indicates ongoing struggles as it battles significant resistance levels and a bearish sentiment in the market. Let’s break down the key points driving the current trend. Price Consolidation After a Dip Ethereum is currently trading at $2,293.03, reflecting a slight gain of +0.35%. After dipping below $2,320, ETH hit a low of $2,253 before attempting a recovery above $2,285. This recovery has taken ETH to the 23.6% Fibonacci retracement level, a key technical marker calculated from the high of $2,466 down to the low of $2,253. Resistance Levels Hold Strong Despite the bounce, Ethereum is still trading below the $2,310 mark and remains under the 100-hour Simple Moving Average (SMA), highlighting its ongoing challenges. Immediate resistance is forming at $2,300, making upward movement difficult. Stronger resistance sits around $2,340, with another major barrier at $2,360, aligning with the 50% Fibonacci retracement level of the recent decline. Key Technical Trendlines A bearish trendline is developing at the $2,360 resistance level, which is preventing any major breakout. If ETH manages to break above $2,360, we could see a potential surge towards $2,420 and possibly even $2,465. Read Ethereum price prediction Will $ETH Hit $5,000?: Bearish Funding Rates Raise Concerns ShayanBTC pointed out a troubling trend with Ethereum’s funding rates in perpetual futures, which are currently hitting new lows in 2024. Funding rates indicate the balance between long and short positions in futures markets. Rising rates show traders favoring long positions, while falling rates signal increased short-selling pressure. With funding rates declining, short sellers are dominating the market, betting on further price declines. Weak Buying Interest The 50-day moving average for Ethereum’s funding rates has been trending down for weeks, signaling deep bearish sentiment. There’s little interest from buyers, as fewer traders are willing to place purchase orders, adding to the downward pressure. Without renewed demand from perpetual futures, Ethereum may struggle to find support, and further declines could be on the horizon. What’s Next for Ethereum? For Ethereum to recover, the market needs a shift in demand, particularly in the futures market, signaling renewed interest in buying. Without this, Ethereum could continue to face downward pressure, with critical resistance levels preventing any significant price recovery. Ethereum is in a challenging phase, with significant resistance ahead and bearish sentiment driven by short-sellers. Keep an eye on key resistance levels and funding rate trends to gauge the next potential move -
By tradinglounge · Posted
Elliott Wave Analysis TradingLounge Daily Chart, Binance / U.S. dollar(BNBUSD) BNBUSD Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Double Corrective position: Wave ((Y)) Direction Next higher Degrees: wave 2 Wave Cancel invalid level: Details: The decline of wave Y is likely to end and the price is re-entering the uptrend. Binance / U.S. dollar(BNBUSD)Trading Strategy: It looks like the wave 2 correction is complete and the price is still likely to move up. Look for an opportunity to join the wave 2 uptrend. Binance / U.S. dollar(BNBUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, The Wave Oscillator is a Bearish Momentum. Elliott Wave Analysis TradingLounge H4 Chart, Binance / U.S. dollar(BNBUSD) BNBUSD Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Zigzag position: Wave C Direction Next higher Degrees: wave (2) Wave Cancel invalid level: Details: Wave (2) is likely to end and the price is re-entering the uptrend. Binance / U.S. dollar(BNBUSD)Trading Strategy: It looks like the wave 2 correction is complete and the price is still likely to move up. Look for an opportunity to join the wave 3 uptrend. Binance / U.S. dollar(BNBUSD)Technical Indicators: The price is above theMA200 indicating an Uptrend, The Wave Oscillator is a Bearish Momentum. Technical Analyst : Kittiampon Somboonsod Source : Tradinglounge.com get trial here! -
By Smilezcryt · Posted
The cat and dog memes have really come a long way, and lots of people relate to this project. $CATE caught my eye when I saw its listing on Bitget, and so far, the price trend is good currently looking for a entry
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Question
Guest Steve
Hi IG,
Is there a way to change the daily candlestick close time on the IG Chart from the current 00:00 time setting, using the basic chart software you provide.
Regards,
Steve
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