Ethereum is also facing a major resistance near the $1,900 zone and it has started a recovery wave above the $1,800 and $1,820 levels. The price is now trading above $1,820 and the 100 hourly simple moving average at the time of scripting. 

Furthermore, there was a break above a major bearish trend line with resistance near $1,820 on the hourly chart of ETH/USD (data feed via Kraken). Also, the pair must clear the $1,900 and $1,920 resistance levels to continue higher. 

Ethereum Price Eyes Upside Crack

The price of the Ethereum extended decline below the $1,800 level at the time of scripting. However, the bulls were active above the $1,700 level at the time of scripting. The price fused near the $1,740 level before it started a decent upward move.

Further, there was a clear move above the $1,800 resistance zone. Ether price surpassed the 50% Fib retracement level of the downward move from the $1,910 swing high to the $1,700 base. Besides, there was a break above a major bearish trend line with resistance near $1,820 on the hourly chart of ETH/USD.

However, the price is now trading well above $1,820 and the 100 hourly simple moving average. It is also consolidating above the 76.4% Fib retracement level of the downward move from the $1,910 swing high to the $1,700 base.

On the upside, an initial resistance is near the $1,900 level. The next major resistance is near the $1,920 level. A proper upside break above the $1,920 resistance might start a decent increase. In the stated case, ether price could rise towards the $2,000 resistance zone. Any more gains may perhaps send it towards the main $2,085 resistance zone.

Fresh Decline in Ethereum?

If Ethereum fails to continue higher above the $1,920 resistance, it could start a fresh decline. Initial support on the downside is near the $1,840 zone.

The next major support is near the $1,820 level and the 100 hourly simple moving average at the time of writing. A downside break below the $1,820 level might call for another sharp decline. In the stated case, the price could revisit the $1,720 support zone in the near term. The next major support sits near $1,700.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now well above the 60 levels.

Major Support Level – $1,820

Major Resistance Level – $1,920

Read More: Significant Juncture reached by Ethereum, will Bulls be able to Make it?

The post Technical Analysis: Ethereum Reaches Crucial Juncture, Can the Bulls Make it? appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

While this has done little to support prices, whale transactions could help indicate. These tokens are set for a quicker recovery and are on largely outpacing buying. Some major cryptos also stabilize from recent losses and are trading slightly above intraday lows.

Data from Whalestats shows that Ethereum (ETH) whales bought ETH, USDC and USDT the most in the past 24 hours. The demand for stablecoins is largely influenced by volatility, driving traders into safe-havens. The two stablecoins have also largely retained their peg through the market crash.

Whales Buy Into Tokens With Utility

Data showed that whales bought an average of nearly $2 million worth of ETH per transaction. While the token has slumped nearly 17% in the past week, this buying indicates that whales expect ETH to find its bottom soon.

ETH’s upcoming switch to a proof-of-stake network has also boosted confidence. This token will become more widely adopted, particularly by institutions.

Other non-stablecoin cryptos that whales purchased were Shiba Inu (SHIB), Chainlink (LINK) and  Decentraland’s Mana (MANA). Both SHIB and MANA are working with their own major metaverses- giving them some utility. LINK is a major player in Ethereum smart contracts, giving the token a real-world use case.

For the first time since its launch, Terra’s UST stablecoin made it into the top-10 most-purchased list, likely indicating whales were buying the now depegged stablecoin in anticipation of a recovery.

The search for utility mirrors a trend seen in stock markets. This is where investors are largely buying into economy-linked sectors such as commodities and consumer staples.

But Selling Still Outweighs Buying

Despite some buying among whales, overnight data shows that bearish sentiment largely guides the market. Selling volumes far outweighed any buying among whales, with ETH seeing an average of $5.5 million sold per transaction.

This is the price action, with most of the tokens down sharply in the past week. While the crypto market is now showing signs of stabilization, it is unclear what direction the market will take in the near term.

Read more: Ethereum Made a Comeback at $4000 & is on the Final Approach to $4,400

The post Bargain Hunting? Ethereum Whales Are Buying These Cryptos Amid A Crash appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Ethereum Whales feasting on Shiba Inu

Shiba Inu is doing comparatively well. As in the year 2020, Shib is under the spotlight subsequent to representing as the ‘Dogecoin Killer’ & it became top in year 2021. Here, for some time, SHIB has also outperformed DOGE and also has entered in the list of best 10 crypto currencies. Ethereum whales regularly stake up the SHIB investments for yielding some wonderful profit while the cryptocurrency also hit new highs.

Why Choose SHIB?

Shiba Inu does not succeed to make progress in the year 2022 and price stay slightly more than US$0.00002. Also, one must never ignore historical data related to SHIB. In the year 2021, the meme coin also soars by the whopping of 45,000,000%. Such kind of ongoing situation might not be actually favorable for rise of the coin. Though one should not ignore that once there is any improvement, investors might flock once again to buy SHIB tokens.

Enhancing the trust in ecosystem of Shiba Inu can be also consider as key reason that Shib must be for long-term investment. There is some news related to Ethereum whales buying tokens of Shib in bulk. The Whales that own a wonderful deal of the crypto currency. When ETH whales shift to SHIB, this is clear evidence to increase trust for ecosystem of Shiba Inu.

The post Shiba Inu – Secret of Ethereum Whales! appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.