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ETH With Another Attempt to Reclaim $1.7K, Will it Succeed? (Ethereum Price Analysis)

It appears that Ethereum failed at yet another attempt to convincingly overcome $1,700, showing that the buying pressure is slowly fading. The question is if the momentum will pick up or if the bears will take the opportunity to bring the price lower.

Technical Analysis

By Grizzly

The Daily Chart

The daily chart shows that the firm resistance in the $1,700-$1,800 range is far from over. This resistance zone, which includes the 100-day moving average (in white), is considered the main obstacle for bulls on the way to $2000. A break and close above it would signal the start of a new uptrend with a target of $2,200 (in blue), which overlaps with the 200-day moving average (in purple).

Countering this assumption, if the demand in this area dries up and the bears dominate the market again, the possible decline can extend to the support zone in the range of $1,280-1,350 (in green).

Currently, the structure has not changed, and until the lower highs and lower lows are formed, the bullish sentiment prevails.

Key Support Levels: $1500 & $1350
Key Resistance Levels: $1800 & $2200

Daily Moving Averages
MA20: $1589
MA50: $1323
MA100: $1681
MA200: $2294

2
Source: TradingView

The ETH/BTC Chart

Against Bitcoin, the buyers dominate the market completely. All corrective attempts on the lower time frames are absorbed quickly. The bulls are trying to sustain the price above 0.07 BTC (in red). At this point, it seems more likely that the resistance at 0.75 BTC will be tested. This is where the bears might stage a reappearance. The bullish trend would remain strong as long as ETH is trading above horizontal support at 0.065 BTC (in green).

Key Support Levels: 0.065 & 0.06 BTC
Key Resistance Levels: 0.073 & 0.075 BTC

2
Source: TradingView

Sentiment Analysis

Taker Buy Sell Ratio
Definition:
The ratio of buy volume divided by sell volume of takers in perpetual swap trades.

Values over 1 indicate bullish sentiment is dominant.
Values under 1 indicate bearish sentiment is dominant.

Evidently, takers have filled additional buy orders in the last three months. This caused Ethereum to experience a significant price climb. But since July 18, this metric has been moving downwards. Although it is still above the baseline (in green), it suggests that the strength of the takers on the buy side is gradually decreasing. This issue is likely due to profit-taking around the solid resistance by short-term traders.

3
Source: CryptoQuant

Kraken CEO hopes to buy a Bugatti for 1 Bitcoin by year-end

San Francisco-based exchange company Kraken‘s CEO Jesse Powell recently told Bloomberg that he was still bullish on Bitcoin and hoped to buy one Bugatti for one Bitcoin by the end of 2022. Powell joined Bloomberg Exclusive, where he was reminded of his forecasts from last year. When Powell was hosted by the same show in 2021::Listen

San Francisco-based exchange company Kraken‘s CEO Jesse Powell recently told Bloomberg that he was still bullish on Bitcoin and hoped to buy one Bugatti for one Bitcoin by the end of 2022.

Powell joined Bloomberg Exclusive, where he was reminded of his forecasts from last year. When Powell was hosted by the same show in 2021 where he said:

“Probably by the end of the year [2021] it’ll be one Bitcoin per Lambo, and probably by the end of next year [2022] it’ll be one Bitcoin per Bugatti.”

At the time, Bitcoin was traded for around $48,000. He didn’t step back when Powell was reminded of his forecasts on August 26. While saying he didn’t expect the winter market to hit so hard, he still said he’d expect to buy one Bugatti with one Bitcoin by the end of 2022.

Bitcoin is being traded at nearly $24,000 at the time of press, and the luxury car brand Bugatti’s models vary between $1.9 million and $3.3 million.

Powell continued by saying that he’s still very bullish on Bitcoin:

“I bought in Bitcoin again at 18,000, I’m happy to ride it back up. I’m still bullish on the long run, the fundamentals keep improving. I’d never bet against Bitcoin.”

Kraken

As soon as the winter conditions showed themselves, most major crypto exchanges laid off some of their staff. Kraken didn’t participate in the layoff trend, suggesting that the company is not experiencing any financial difficulty supporting its 3,200-person staff.

However, the exchange has been having other problems. On June 15, 2022, the Kraken CEO made the headlines for allegedly lashing out at employees, claiming that they were ill-fitted to the company culture. Taking a deep dive into the topic, the New York Times reported that Powell created a toxic environment by “starting a culture war” within Kraken.

One month later, in July 2022, the U.S. Treasury Department opened an investigation on Kraken to discover if it violated the U.S. sanctions by allowing users from sanctioned regions to trade crypto assets. The U.S. had implied sanctions on Iran, North Korea, Cuba, Syria, and certain parts of Ukraine. When the Treasury opened the investigation, it was known that Kraken had allowed users from Iran, Syria, and Cuba to trade tokens.

Bullish on crypto

Even though they don’t expect Bitcoin to see the price of Bugatti, many crypto executives are also bullish on Bitcoin and believe it will soar after the winter conditions are over.

Bloomberg’s senior commodity strategist Mike McGlone said he expected Bitcoin to hit $100,000 by 2025. Analyzing the market on July 14, McGlone mentioned he didn’t know when Bitcoin would find its floor, but it was inevitable for it to soar once it did.

A few days later, Galaxy Digital CEO Michael Novogratz also discussed his Bitcoin forecast, saying it would see $500,000 by 2027. He analyzed the adoption rates and the numbers from the bear market to conclude that the winter market was just a “bump in the road in adoption, not a U-turn.”

The post Kraken CEO hopes to buy a Bugatti for 1 Bitcoin by year-end appeared first on CryptoSlate.

ETH With Another Attempt to Reclaim $1.7K, Will it Succeed? (Ethereum Price Analysis)

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