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Ether by a thread from Investing.com




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Ethereum Chart (daily)

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Investing.com – We had another stress test of $ 3,000 on Thursday. This was not long in coming. Fell a few hours later towards its flash crash lows on Tuesday. In the orbit of the psychologically important brand, the price stabilized again and again, so that a negative course was not set for the time being. However, the all-clear cannot be given yet, so ether bulls should wait for a surge above $ 3,580 (previously $ 3,330 to $ 3,350) before initiating new long positions.

The background is as follows: the false breakout across the resistance barrier from the 78.6% Fibonacci retracement and an internal trend line at $ 3,800 / $ 3,750 continues to fuel concerns that the latest movement impulse could be a larger top formation, which, however, would only be confirmed if it fell below $ 2,977 / 2,950.

A fall under this support serves as a catalyst for even lower Ethereum prices.

The prevailing picture of indicators should also prove to be a negative factor. After all, RSI and MACD only recently resolved their respective divergences negatively by no longer confirming the most recent highs by corresponding highs in the indicator curve.

Finally, it can be stated that the chart image is damaged, but major damage has not yet occurred, which is why there is still a chance of price stabilization, which could be reflected in higher Ethereum prices. Nevertheless, caution is advised, which is why we raised our trigger level from previously $ 3,330 / 3,350 to $ 3,580.




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Note: This article does not constitute investment advice or a solicitation to buy or sell assets. The article also does not purport to predict the development of the Ethereum price. It is only a subsequent comment on the Ether development, the Ethereum investors about the latest crypto news and the technical starting position of the should inform.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy / sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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