Overview
On January 29, 2024, the price dynamics of ethereum display a nuanced interplay of market elements. The current price of ether stands at $2,247, with a 24-hour range fluctuating between $2,246 and $2,284. Despite its substantial market capitalization of $270 billion, the trading volume of ether remains modest, hinting at possible investor wariness.
Ethereum Hourly Chart
The hourly chart of ethereum (ETH) paints a picture of a volatile ether market. Prices swing from $2,246 to $2,284, signaling opportunities for short-term trading or day traders. This fluctuation is pivotal for traders who capitalize on brief price movements, offering potential points for entry at support levels and exit strategies beneath these points to minimize risk.
Ethereum 4-Hour Chart
On the 4-hour chart, ether exhibits a mild rebound from its low at $2,169, endeavoring to find its footing around $2,300. This pattern, characterized by alternating rises and falls, suggests an overarching downward trend, but with inklings of possible stabilization. Traders are advised to tread carefully, entering only if a consistent pattern of increasing lows and highs becomes evident.
ETH's Daily High
ETH's daily high accentuates a pronounced downward trajectory, with its price descending from roughly $2,719 to $2,034. This descent signifies a bearish market, predominantly controlled by sellers. Astute traders already in the market may use recent lows as markers for stop-loss orders, while prospective buyers should await signs of a reversal before committing.
Technical Indicators
Oscillators like the relative strength index (RSI) and Stochastic imply a neutral stance, indicating an absence of definitive directional momentum. The commodity channel index (CCI) and the average directional index (ADI) corroborate this neutrality. Nonetheless, the momentum and moving average convergence/divergence (MACD) indicators hint at bearish nuances, suggesting potential downward pressures on ethereum's price.
Moving Averages
In terms of moving averages (MAs), the sentiment predominantly skews bearish. The 10, 20, 30, and 50-period exponential (EMAs) and simple moving averages (SMAs) all reinforce this perspective. Conversely, the 100 and 200-period averages signal a positive momentum, hinting at the potential for long-term growth.
Bullish Perspective
Despite the current bearish signals from various technical indicators, a bullish perspective could arise from the resilience of ethereum's price at key support levels. The juxtaposition of long-term moving averages signaling positive sentiment suggests underlying strength and a potential reversal from the current downtrend. Optimism for a bullish future is predicated on ETH's ability to break through current resistance levels, coupled with an increase in trading volume and positive market sentiment.
Bearish Perspective
The bearish outlook for ethereum (ETH) is reinforced by the prevailing downward trends observed in the daily chart and the bearish signals from most short-term moving averages. The neutral to bearish indications from oscillators, coupled with the current lack of strong buy signals, point towards ongoing downward pressure. This scenario suggests a cautious approach for long-term and short-term traders alike, with the potential for further price decreases unless there are significant shifts in market dynamics or investor sentiment.
Register your email here to get weekly price analysis updates sent to your inbox.
What are your thoughts on ether's market action on Monday morning? Share your opinions in the comments section below.
Frequently Asked Questions
Can I purchase gold with my self directed IRA?
You can purchase gold with your self-directed IRA, but you must first open an account at a brokerage firm like TD Ameritrade. Transfer funds from an existing retirement account are also possible.
Individuals can contribute as much as $5,500 per year ($6,500 if married filing jointly) to a traditional IRA. Individuals can contribute up $1,000 per annum ($2,000 if they are married and jointly) directly to a Roth IRA.
If you do decide you want to invest your money in gold, you should look into purchasing physical bullion instead of futures contracts. Futures contracts can be described as financial instruments that are determined by the gold price. They let you speculate on future price without having to own the metal. You can only hold physical bullion, which is real silver and gold bars.
Should you open a Precious Metal IRA
The most important thing you should know before opening an IRA account is that precious metals are not covered by insurance. There are no ways to recover the money you lost in an investment. This includes losing all your investments due to theft, fire, flood, etc.
You can protect yourself against such losses by purchasing physical gold and silver coins. These items have been around thousands of years and are irreplaceable. If you were to sell them today, you would likely receive more than what you paid for them when they were first minted.
You should choose a reputable firm that offers competitive rates. It's also wise to consider using a third-party custodian who will keep your assets safe while giving you access to them anytime.
You won't get any returns until you retire if you open an account. Remember the future.
Can the government take your gold?
Because you have it, the government can't take it. It is yours because you worked hard for it. It belongs to your. However, there may be some exceptions to this rule. For example, if you were convicted of a crime involving fraud against the federal government, you can lose your gold. Also, if you owe taxes to the IRS, you can lose your precious metals. You can keep your gold even if your taxes are not paid.
How Much of Your IRA Should Be Made Up Of Precious Metals
When investing in precious metals, the most important thing to know is that they aren't just for wealthy people. It doesn't matter how rich you are to invest in precious metals. You can actually make money without spending a lot on gold or silver investments.
You might think about buying physical coins such a bullion bar or round. You could also buy shares in companies that produce precious metals. Or, you might want to take advantage of an IRA rollover program offered by your retirement plan provider.
You can still get benefits from precious metals regardless of what choice you make. Even though they aren't stocks, they still offer the possibility of long-term growth.
They also tend to appreciate over time, unlike traditional investments. This means that if you decide on selling your investment later, you'll likely get more profit than you would with traditional investing.
Statistics
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
External Links
finance.yahoo.com
cftc.gov
bbb.org
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- Want to Keep Gold in Your IRA at Home? It's Not Exactly Legal – WSJ
How To
Tips for Investing in Gold
Investing in Gold has become a very popular investment strategy. This is because there are many benefits if you choose to invest in gold. There are many options for investing in gold. Some people buy physical gold coins, while others prefer investing in gold ETFs (Exchange Traded Funds).
You should consider some things before you decide to purchase any type of gold.
- First, you must check whether your country allows you to own gold. If the answer is yes, you can go ahead. You might also consider buying gold in foreign countries.
- The second thing you need to do is decide what type of gold coins you want. There are many options for gold coins: yellow, white, and rose.
- You should also consider the price of gold. It is best to begin small and work your ways up. Diversifying your portfolio is a key thing to remember when purchasing gold. You should invest in different assets such as stocks, bonds, real estate, mutual funds, and commodities.
- You should also remember that gold prices can change often. Keep an eye on current trends.
—————————————————————————————————————————————————————————————–
By: Jamie Redman
Title: Ethereum Technical Analysis: ETH Trade Volume Remains Low Amid Selling Pressure
Sourced From: news.bitcoin.com/ethereum-technical-analysis-eth-trade-volume-remains-low-amid-selling-pressure/
Published Date: Mon, 29 Jan 2024 14:30:57 +0000
Leave a Reply