Hey it is me doing a quick technical analysis again 🙂.
In my earlier click-baity post 3 days ago, I said that ETH is repeating a pattern which previously led to it pumping 110% over 40 days. It seems that we are indeed seeing some life in ETH today as it went up by 8%.
Source
Yes, most of the crypto market is moving up today but ETH is among the better performer. So what is the next target for ETH? The next meaningful level for ETH to break seems to be the $168 level. It is the 21w SMA and also the 38.2% fib retracement level.
Let's see if the price gets through the $168 level this week.
HIVE taking a dive
No pun intended. But today the HIVE coin is taking a serious beating even though the rest of the crypto market are mostly green. HIVE had a drawdown of as much as 53.58% against BTC. The selling is also on a relatively significant volume as compared to prior volume. I wonder who is dumping HIVE 🤔.
There is not enough historical price data for HIVE for me to perform a meaningful technical analysis. Therefore, I will not do one. However, what I can say is that this kind of sudden dump will typically also see a quick rebound to some fib retracement levels.
We can see that HIVE price bounced back to 1754 sats which is the 38.2% retracement level pretty quickly. Let's see what happens next. The chart doesn't look so good though.
This is just my personal thought process and analysis. It should not be used as financial advice and everyone should do their own due diligence and research when investing their own money.
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