TL:DR Breakdown
- ETH/USDT has broken below the $500 mark as the crypto-market sees widespread sell-offs.
- Ethereum’s trading volume increased over this period, as traders looked to cut their losses.
- Volatility remains as the bears continue their assault.
Overview (24-hour)
ETH/USDT opened this trading period at 596.12 USD, rising slightly to the trading period’s high of 598.00 USD (+0.48%). ETH/USDT saw significant lows during this trading period, sinking to 482.00 USD (-19.14%). It has settled at 515.62 USD at the time of writing, 4.51% below the trading period’s high-low average of 540.00 USD.
ETH/USDT’s total trading volume in this trading period was 2.263m ETH, an increase of nearly 100% compared to the previous trading period trading volume of 1.219m ETH.
The Historical Volatility Index (HVI) rose to 130.45 (high) in this trading period, compared to 87.11 in the previous trading period.
Price Analysis
ETH/USDT opened today’s trading period at 596.12 USD. It briefly maintained this level, rising to the period’s high of 598.00 USD before beginning a significant decline. The first stage saw it re-enter a previously established support between 508.79 USD and 502.59 USD, settling around 505.00 USD.
It then attempted to break above the support zone, rising to 526.32. But this was short-lived as Eth/USDT started a significant decline towards the period’s low of 482.00 USD. At the time of writing, it has settled at 515.12 USD.
Volume Analysis
ETH/USDT started the trading period with a trading volume of 16,541 ETH, and a mean value of 20,803 ETH carried over from the previous period. There were two significant spikes in trading volume as ETH/USDT commenced its decline. The first saw trading volume spike to 179,822 ETH, the second, 196,705 ETH, bringing the mean trading volume up to 78,157 ETH. Both spikes in trading volume corresponded with ETH/USDT breaking below significant levels.
At the time of writing, trading volume is 50,856 ETH, with a mean value of 63,518 ETH, three times higher than the trading period’s open. The Accumulation/Distribution (Acc/Distr) indicator was quite volatile during this trading period, with huge oscillations as ETH/USDT saw enormous sell-offs. Throughout the entire period, the On Balance Volume (OBV) indicator declined significantly.
Volatility Analysis
ETH/USDT saw volatility stabilize during the previous trading period. This trading period saw it rise again, with HVI measuring 6.51 (medium) on open, but raising to 21.57 (extremely high) shortly after. At the time of writing, HVI reads 25.87 (extremely high).
Price Prediction
Yesterday’s analysis expected the bears would remain strong as ETH/USDT saw contractions in volume and bearish chart patterns. However, there was no anticipation that their strength would take ETH/USDT into 400.00 USD levels.
As the wider crypto-market fell, ETH/USDT could not escape. Trading volume tripled over the trading period as a previously established support zone was broken through. After stabilizing in the previous trading period, volatility increased significantly from the medium to extremely high levels.
With the market in disarray, volatility increasing and trading volume supported the sell-off, expect the bears to remain a presence in the near future.
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