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ETH: Continues to decline

2023-02-23
1009
Fundamental analysis:

Ethereum remained volatile around 1611. Ethereum co-founder Vitalik Buterin’s initial estimate of $1 billion in India’s Covid Relief encrypted donations was only realized at $464 million, while the value of cryptocurrencies still in the relief fund’s wallet is about 274 million U.S. dollars, about $40 million in fiat currency was deposited in the accounts of the Puerto Rican bank FV Bank, and another $100 million was returned to Vitalik Buterin himself.

Ethereum ETHUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum remains volatile and moves downward, the short-term decline has not stopped, the market is shrouded in bearish sentiment, the MACD indicator is hovering below the 0 axis, and the RSI indicator is below the 50 balance line.

Long-short turning point: 1617

Repression: 1632, 1646
Support: 1598, 1583

Trading strategy: bearish below 1617, target 1598, 1583
Alternative strategy: call above 1617, target 1632, 1646

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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