NEWSLETTER
As a result of the recent setback in the cryptocurrency market during the weekend, ethereum (eth) has created two Chicago Mercantile Exchange (CME) gaps at $ 3,000 and $ 2,600. The TED cryptographic analyst suggests that a short presentation could soon take the price beyond $ 3,000, which potentially fills these two cme empty.
Is a short presentation of ethereum imminent?
In the last two weeks, ethereum has lost $ 70 billion in its total market capitalization, leaving it with a market capitalization of $ 268 billion at the time of writing. According to Binance crypto Exchange data, eth reached a minimum of $ 1,993 on March 4.
Although ethereum is currently quoted in the low range of $ 2,000, analysts believe that a short presentation could benefit eth Bulls. Ted led x to share his analysis on the current eth Price's action.
The analyst said that eth has two significant CME gaps to fill the short term: one at $ 3,000 and the other at $ 2,600. Ted also pointed out that since the first quarter of 2024, eth has filled all CME gaps, so it would not be surprising to see that these gaps are filled soon.
The excessive bearish feeling that surrounds eth could be the catalyst that triggers a brief massive tightness. The analyst <a target="_blank" href="https://x.com/TedPillows/status/1897345631980568856″ target=”_blank” rel=”noopener nofollow”>explained:
I think we could soon see a brief tight massive, which will fill the first void CME. After that, there could be some consolidation before eth is higher.
For uninformed, a CME gap refers to the price difference that occurs in ethereum's futures contracts that are negotiated in the CME when the market closes during the weekend and reopens at a different price. Merchants often observe these gaps, since eth historically tends to “fill them” reviewing the price level where the gap occurred.
Similarly, there is a brief presentation when merchants who have opted against an asset are forced to buy their positions as the price increases rapidly due to the unexpected bullish impulse. This increase in purchase pressure can further increase the price of the asset, forcing settlements and potentially higher prices.
Multiple bullish signs for eth, but feeling must improve
Cryptographic trade Merlijn The analysis of the merchant seems to align with that of TED. The merchant <a target="_blank" href="https://x.com/MerlijnTrader/status/1897663469572538515″ target=”_blank” rel=”noopener nofollow”>noted That the eth (RSI) relative force index is in a “critical level”, highlighting that every time the digital asset has entered this area, a significant movement followed.
Other positive signs, such as a bull divergence, also seem <a target="_blank" href="https://x.com/crypto_goos/status/1897562293023670752″ target=”_blank” rel=”noopener nofollow”>suggest A possible upward movement for ethereum. However, it would be prudent to wait for similar bullish indicators to develop longer before entering the market.
While these indicators can point towards a possible recovery in eth, the general feeling that surrounds the digital currency Continue be in the crisis. At the time of publication, eth is quoted at $ 2,221, 1.4% more in the last 24 hours.
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