{"id":134519,"date":"2023-03-08T10:26:06","date_gmt":"2023-03-08T10:26:06","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=134519"},"modified":"2023-03-08T11:58:41","modified_gmt":"2023-03-08T11:58:41","slug":"ethereum-craters-12-risks-dropping-to-1-5k-in-a-retest","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/ethereum-craters-12-risks-dropping-to-1-5k-in-a-retest\/","title":{"rendered":"Ethereum (ETH) Craters 12%, Risks Dropping to $1.5k in A Retest"},"content":{"rendered":"<p style=\"text-align: justify\"><span style=\"font-size: inherit;background-color: var(--base-3);color: var(--contrast)\">Ethereum prices are down three percent in the last trading day and under pressure, looking at the dismal performance in the daily chart.<\/span><\/p>\n<!--more-->\n<p style=\"text-align: justify\"><!-- \/wp:paragraph --> <!-- wp:paragraph --><\/p>\n<p style=\"text-align: justify\">Even though there were glimpses of strength, the failure of buyers to prevent further liquidation, especially in lower time-frames, is a concern.<\/p>\n<p style=\"text-align: justify\"><!-- \/wp:paragraph --> <!-- wp:paragraph --><\/p>\n<p style=\"text-align: justify\">As it is, traders can search for entries to buy, considering <strong>the coin remains in a bearish breakout formation.<\/strong><\/p>\n<p style=\"text-align: justify\"><!-- \/wp:paragraph --> <!-- wp:paragraph --><\/p>\n<p style=\"text-align: justify\">With ETH tethering close to primary support, <strong>the odds of a dip below this line have been amplified <\/strong>following yesterday&#8217;s events.<\/p>\n<p style=\"text-align: justify\"><!-- \/wp:paragraph --> <!-- wp:paragraph --><\/p>\n<p style=\"text-align: justify\">Notably, from the daily chart, today&#8217;s bar might edge lower and band with the lower BB to signal increased selling pressure, a net negative.<\/p>\n<p style=\"text-align: justify\"><!-- \/wp:paragraph --> <!-- wp:heading --><\/p>\n\n<h2 style=\"text-align: justify\">Dominance as More ETH Burnt In the Last Winter<\/h2>\n<p style=\"text-align: justify\"><!-- \/wp:heading --> <!-- wp:paragraph --><\/p>\n<p style=\"text-align: justify\">ETH remains under pressure despite solid fundamentals. DeFi and NFT activities might have fallen last year, but Ethereum remains a choice network.<\/p>\n<p style=\"text-align: justify\"><!-- \/wp:paragraph --> <!-- wp:paragraph --><\/p>\n<p style=\"text-align: justify\">There is a further endorsement from the platform opting for a staking system over a proof-of-work consensus algorithm with plans to scale the mainnet in the coming months.<\/p>\n<p style=\"text-align: justify\"><!-- \/wp:paragraph --> <!-- wp:embed {\"url\":\"https:\/\/twitter.com\/QwQiao\/status\/1631261023301672961\",\"type\":\"rich\",\"providerNameSlug\":\"twitter\",\"responsive\":true} --><\/p>\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\" style=\"text-align: justify\"><\/figure>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">I\u2019m no ETH maxi, but over a 3-year time horizon, I can\u2019t think of any better asset to own in the entire world than ETH. <br><br>The burn rate amidst this bear market has wildly exceeded my expectations.<\/p>&mdash; Qiao Wang (\ud83d\udc7d, \ud83d\udc7d) (@QwQiao) <a href=\"https:\/\/twitter.com\/QwQiao\/status\/1631261023301672961?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">March 2, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<p style=\"text-align: justify\">As Ethereum dominates, an observer notes that the ETH burn rate exceeded expectations during the last bear cycle. Following the activation of EIP-1559, the network burns the <strong>&#8220;base fee&#8221;<\/strong> in a system where a user can <strong>&#8220;tip&#8221;<\/strong> the validator to prioritize their transaction.<\/p>\n<p style=\"text-align: justify\"><!-- \/wp:paragraph --> <!-- wp:paragraph --><\/p>\n<p style=\"text-align: justify\">This overhaul is overly positive and makes ETH more deflationary. Even though activity fell last year, more coins were destroyed. At this pace,<strong> ETH stands to become a deflationary coin<\/strong>, a choice for users searching for a store of value beyond Bitcoin and Gold.<\/p>\n<p style=\"text-align: justify\"><!-- \/wp:paragraph --> <!-- wp:heading --><\/p>\n\n<h2 style=\"text-align: justify\">Ethereum Price Analysis<\/h2>\n<p style=\"text-align: justify\"><!-- \/wp:heading --> <!-- wp:image {\"id\":134520,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} --><\/p>\n\n<figure class=\"wp-block-image size-large\" style=\"text-align: justify\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"760\" class=\"wp-image-134520\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2023\/03\/Ethereum-Daily-Chart-for-March-8-1024x760.png\" alt=\"Ethereum Daily Chart for March 8\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/03\/Ethereum-Daily-Chart-for-March-8-1024x760.png 1024w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/03\/Ethereum-Daily-Chart-for-March-8-300x223.png 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/03\/Ethereum-Daily-Chart-for-March-8-768x570.png 768w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/03\/Ethereum-Daily-Chart-for-March-8.png 1147w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><\/figcaption>From the daily chart, <strong>ETH is down 12% from February highs<\/strong>.<\/figure>\n<p style=\"text-align: justify\"><!-- \/wp:paragraph --> <!-- wp:paragraph --><\/p>\n<p style=\"text-align: justify\">After encouraging gains from mid-December, the coin appears to be cooling off.<\/p>\n<p style=\"text-align: justify\"><!-- \/wp:paragraph --> <!-- wp:paragraph --><\/p>\n<p style=\"text-align: justify\">It remains within a broader bull flag with clear support at around<strong> $1.48k.<\/strong><\/p>\n<p style=\"text-align: justify\"><!-- \/wp:paragraph --> <!-- wp:paragraph --><\/p>\n<p style=\"text-align: justify\">As it is, following losses below <strong>$1.58k<\/strong> on March 3, bears are in control. This preview is valid because bulls have failed to reverse losses, pushing prices above the bearish engulfing bar, possibly invalidating the bear breakout.<\/p>\n<p style=\"text-align: justify\"><!-- \/wp:paragraph --> <!-- wp:paragraph --><\/p>\n<p style=\"text-align: justify\">Instead, from the daily chart, prices are inching lower.<\/p>\n<p style=\"text-align: justify\"><!-- \/wp:paragraph --> <!-- wp:paragraph --><\/p>\n<p style=\"text-align: justify\">Based on this, <strong>traders may search entries to sell on every attempt higher, <\/strong>with targets at $1.48k in the short term.<\/p>\n<strong><em>Technical charts courtesy of&nbsp;<\/em><\/strong><a class=\"keychainify-checked\" href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener\"><strong><em>Trading View<\/em><\/strong><\/a>\n\n<strong>Disclaimer:&nbsp;<\/strong><em>Opinions expressed are not investment advice. Do your research<\/em>.\n\n<hr>\n\n<div class=\"td_block_wrap tdb_single_content td_uid_54_61419039a1883_rand td-pb-border-top td_block_template_1 td-post-content tagdiv-type\" data-td-block-uid=\"td_uid_54_61419039a1883\">\n<div class=\"tdb-block-inner td-fix-index\"><strong><em>If you found this article interesting, here you can find more&nbsp;<a class=\"keychainify-checked\" href=\"https:\/\/crypto-economy.com\/cryptocurrencies\/ethereum-news\/\" target=\"_blank\" rel=\"noopener\">Ethereum News.<\/a><\/em><\/strong><\/div>\n<\/div>\n<!-- \/wp:paragraph -->","protected":false},"excerpt":{"rendered":"<p>Ethereum is down 12% from February highs and with sellers resilient, ETH could drop to $1.5k and retest the primary support of the bull flag.<\/p>\n","protected":false},"author":11,"featured_media":134540,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[74,87],"tags":[4679,4682],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/134519"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=134519"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/134519\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/134540"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=134519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=134519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=134519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}