Although Ethereum and altcoins are seeing some gains following the relief rally, many technical indicators indicate that this downtrend could be coming. The Federal Reserve could ease the tightening of rates if there are weak economic data. This could stop Ether’s downward bias in the dollar market. The price of Ether is currently trading at a 7-day increase of 3.51%, but is mostly range bound.
At the time this article was written, ETH was trading for $1,186.
Chart of Ethereum (ETH) Prices
After closing in the red for 11 consecutive weeks, ETH finally gave a green weekly close last week. The asset gained support at $860, and soared nearly 45% to $1280 from its low of $881. The price range for ETH is $1,250-$1,050 on a daily basis. ETH faces stiff resistance at $1.275 (Horizontal Trendline, 20-Day Moving Average). To further rally, it must close above $1.275 and maintain that level, while $1,025 or $860 will provide strong support.
Support 2Support 1AssetResistance 1Resistance 2$860$1,025ETH$1,275$1,550
Disclaimer: This report should not be regarded as investment advice. It does not consider the financial situation, investment goals or needs of investors. When deciding whether an investment is right for them, all investors should take into account these factors and consult with a professional advisor. This report was prepared by the Company using information that it has access to, as well as information from public sources that have not been independently verified. The Company makes no representations or warranties, either express or implied, regarding the accuracy, reliability, completeness, reliability, or correctness of the information, opinions, or conclusions contained herein. This report is preliminary. The Company does not assume any obligation to revise or update the reports in the event of changes or unforeseen events. Trading and Investments in crypto assets viz. Bitcoin Cash, Ethereum, and Ethereum are highly speculative investments that can be subject to market risk. The Author’s analysis should be used only as information and should not necessarily be considered investment advice.
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