💥💥💥 Ethereum Price Forecast: Will WazirX Hacker Sell $202M In ETH Triggering Another Crash?

Ethereum Price Forecast Stable Despite WazirX Hack Concerns

Ethereum's price outlook remains stable even as the WazirX hacker consolidates stolen assets into Ethereum, likely due to the blockchain's high liquidity. ETH/USD is currently trending above the 50-day and 200-day simple moving averages (SMA) on the 4-hour chart, indicating the bullish trend is intact.

Key Points:

Market Structure: ETH is forming a symmetrical triangle, suggesting a bullish pennant pattern. The price is expected to remain within this structure over the weekend and into next week.

Technical Indicators:

RSI: The relative strength index (RSI) reached 60.68 on July 15 before pulling back. It is now near the RSI moving average at 57.49, suggesting weakening bullish momentum.

CMF: The Chaikin Money Flow (CMF) indicator is just above the zero line, indicating diminishing buying pressure.

Price Predictions:

Bullish Scenario: If ETH breaks to the upside of the symmetrical triangle, it could see an 18% increase, reaching up to $4,100.

Support Levels: Should the price decline, support is expected between $3,400 and $3,500, with a stronger support level at $3,300.

ETH ETF vs. Potential Sell-Off:

Hacker Concerns: The WazirX hacker's intentions with the stolen Ethereum are unclear, but there is concern that a significant sell-off could occur.

ETF Launch: The Ethereum ETF is set to launch on July 23. Grayscale, originally charging the highest fees, has reduced its starting fee to 0.15%, now the lowest among issuers.

Bottom Line:

The crypto market is tense as it awaits the potential impact of a $202 million Ethereum sell-off by the WazirX hacker. This event could overshadow the Ethereum ETF launch and lead to a broader market downturn.

Source - coingape.com