Next Ethereum Support Zone Called By Bloomberg Analysts After Global Market Correction
- Next Ethereum Support
- Performance of the cryptocurrency market in recent times
Amid the local crisis in the cryptocurrency market and the lack of fundamental news from the United States or any other country, more and more analysts and private traders are starting to use technical analysis that allows predict the future of an asset’s price by examining its price history. .
Next Ethereum Support
Bloomberg analyst Mick McGlone has determined the next support for the Ethereum cryptocurrency and called it at $ 4,000. According to McGlone, leveraged longs currently “struggling” with selling pressure from higher levels and are being liquidated as funds are redistributed by retail traders using investor leverage. institutional.
McGlone is also prepared to see consolidation in the $ 4,000 to $ 5,000 range, which now occurs in a tighter $ 4,400 to $ 4,000 range. Ethereum’s price action mainly repeats that of Bitcoin. After a significant correction in the market, major coins like ETH consolidated. Smaller altcoins have received most of the volatility and are now either skyrocketing or falling rapidly.
Performance of the cryptocurrency market in recent times
The cryptocurrency market has had a tough few weeks after hitting a new local high. The main reason for the blow-off top was the appearance of additional regulatory risks. According to the Bloomberg Galaxy Crypto Index, the biggest cryptocurrencies have lost 14% in the last month alone.
In addition to major cryptocurrencies, smaller altcoins like Shiba Inu, Floki, and Avalanche lost 60% and 13%, respectively.
According to analysts, the cryptocurrency market has been heavily overbought, which was reflected in funding rates and the ratio of long and short positions. Additionally, most positions in the market were over-leveraged, with traders opening positions with up to 100x leverage.