Trade ETH in Futures Market at CoinDCX
Issued on: 28th July’23
Valid upto: 5th Aug’23
Category: Layer-1 Blockchain
Market Cap: $224,425,760,873
Price Update:
ETH price at the time of writing (28th July, 11:15) is $1,859.03, with a 24-hour trading volume decreased by 27.36% to $4,088,743,023. ETH price is down by 1.12% in the last 24 hours according to coinmarketcap.com.
Source: TradingView
Analyzing the above chart:
- In the weekly timeframe, the price experienced a rejection at resistance level 1, at $2022.96. Following this rejection, the price started moving downwards and eventually reached the support of an inclining trendline.
- In the daily timeframe, ETH had been consistently supported by the 50-day Exponential Moving Average (EMA). However, it has now dropped below this support, signaling a bearish trend.
- In the 4-hour timeframe, ETH experienced a breakdown of a trendline and subsequently retested it. Following the retest, the price is now heading downwards, indicating a bearish continuation.
- A Short Trading strategy can be assessed between $1888.13-$1855.10 with an invalidation above $1920.11
- On the downside, one can see a fall of 8-10% toward $1794.67 & $1715.71 (valid for 7 days)
- It would seem that one should maintain a balanced risk-to-reward ratio and check the use of leverage and position size to ride out current market conditions.
Note: ETH is now available in the futures market in both Go and Pro apps with up to 20x leverage.
LAST 30 DAYS ANALYSIS SUMMARY:
| DATE | TOKEN | Strategy (Long/Short) |
TOKEN RETURN% | TOKEN RETURN % (with 8x leverage) |
BTC RETURN% |
| 29-June | AAVE | Long | 26.89% | 215.09% | 0.21% |
| 29-June | MTL | Long | 11.97% | 95.80% | 1.77% |
| 30-June | ETH | Long | (not considered) | – | – |
| 04-July | FTM | Long | -5.93% | -47.44% | -2.94% |
| 04-July | LRC | Long | -5.33% | -42.64% | -4.02% |
| 05-July | APT | Long | -3.72% | -29.76% | -2.22% |
| 06-July | SOL | Long | 30.59% | 244.72% | 2.69% |
| 11-July | MATIC | Long | 13.69% | 109.52% | 3.77% |
| 12-July | DOT | Long | 9.87% | 78.96% | 1.82% |
| 13-July | BEL | Short | 12.78% | 102.28% | -2.98% |
| 20-July | STX | Long | -3.62% | -28.98% | -4.36% |
| 21-July | SAND | Short | 4.57% | 36.55% | -0.95% |
| 25-July | DOGE | Long | 6.97% | 55.76% | 0.36% |
| 26-July | WLD | Short | 7.60% | 60.81% | 0.85% |
| AVERAGE RETURN | 8.18% | 65.44% | -0.54% | ||
| SUCCESS RATE | 69% |
Return % is calculated based on pricing data as available on the platform and is valid for 15 days from the date of publishing.
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