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Cryptocurrencies
Cryptocurrencies Market Update ➡️ Solid ECN
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[QUOTE="SOLIDECN, post: 210274, member: 80239"] [JUSTIFY][img]https://i.ibb.co/rkMZX2L/6.png[/img][/JUSTIFY] [HEADING=1][JUSTIFY]ETHUSD - the decline may continue[/JUSTIFY][/HEADING] [JUSTIFY]The strengthening of the entire cryptocurrency sector was provoked by the strengthening of BTC positions, and as a result, altcoins. Observers believe that large "whales" made the purchase of the first cryptocurrency on Monday, which ensured growth, but the overall pressure of macroeconomic factors on digital assets remains. The expected increase in interest rates by the US Fed by another 75 points only increases the risks of recession and forces investors to withdraw from assets alternative to the dollar. It is possible that ETH positions will be able to support the transition of the Ethereum network to the Proof-of-Stake (PoS) algorithm, which is scheduled for August, but negative monetary factors are seen to be stronger and will continue to put pressure on the cryptocurrency sector at least until the end of the rate hike cycle by the regulator. Nevertheless, Ethereum developers continue to prepare for the merger of networks. Last week, they released the Glacier update, the purpose of which was to delay the activation of the so-called Difficulty Bomb – a mechanism that makes generating new blocks and mining more complicated. [img]https://i.ibb.co/DG0NBkM/eth.png[/img] The price is in the area of the middle line of the Bollinger Bands (1126.5). The key for the "bulls" is the 1250 mark (Murray [4/8]), the breakout of which will give the prospect of further growth to the levels of 1562.5 (Fibo retracement 23.6%, Murray [5/8]) and 1875 (Fibo retracement 38.2%, Murray [6/8]). In case of a breakdown of the level of 937.50 (Murray [3/8]), the decline will resume to 625 (Murray [2/8]), 500. Technical indicators do not give a single signal: the Bollinger Bands are horizontal and are consolidating, as happens before a serious price movement, the MACD histogram is shrinking in the negative zone, the Stochastic is directed upwards. [B]Resistance levels[/B]: 1250, 1562.5, 1875 | [B]Support levels[/B]: 937.5, 625, 500[/JUSTIFY] [/QUOTE]
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