ETH: low short position moves down

Fundamental analysis:

Ethereum maintained the shock around 1422. Sergey Mendeleev, CEO of Indelibank, the DeFi platform, announced at the Blockchain Life 2022 meeting that he was developing a token crypto ruble based on Ethereum, which would be linked to the legal currency of Russia. Users can issue crypto rubles independently by using stable currency or crypto currency collateral on smart contracts, or purchase them from authorized exchanges. The developers of tokens have prepared MVP, and the final product is expected to be released in October. If the monetary authority opposes the use of the ruble, the company will change the name of the cryptocurrency.

Ethereum ETHUSD - 4-hour K line diagram shows:

Technical analysis:

The 4-hour chart shows that the short sellers' power fluctuated downward step by step. The short-term decline did not stop, and the decline became stronger. The MACD index remained weak in the short sellers' area and the RSI index was weak in the short sellers' area;

Empty turning point: 1428

Pressing position: 1458, 1488

Support position: 1393, 1366

Trading strategy: bearish under 1428, target 1393, 1366

Alternative strategy: bullish above 1428, target 1458, 1488