The ETH/USD pair has broken above the technical resistance zone located between the levels of 173.50 – 175.82, made a new swing high at the level of 177.15 and then quickly reversed. The top at the level of 177.15 has been labeled as the wave (3)/(c) and now the market is consolidating the gains in a form of a correcting in a possible wave (4). The key technical support is seen at the level of 155.06 and any violation of this level would be the first clue the top is in.
Weekly Pivot Points:
WR3 – $163.07
WR2 – $154.26
WR1 – $146.96
Weekly Pivot – $137.84
WS1 – $131.51
WS2 – $121.49
WS3 – $115.39
Trading recommendations:
The target at the level of 174.50 has been hit, so all buy orders should be closed now and there should not be short-term buy orders opened. It is a good time to take the profits out of the table and wait for another trading setup.
The material has been provided by InstaForex Company – www.instaforex.com
Technical market overview:
The ETH/USD pair has broken above the technical resistance zone located between the levels of 173.50 – 175.82, made a new swing high at the level of 177.15 and then quickly reversed. The top at the level of 177.15 has been labeled as the wave (3)/(c) and now the market is consolidating the gains in a form of a correcting in a possible wave (4). The key technical support is seen at the level of 155.06 and any violation of this level would be the first clue the top is in.
Weekly Pivot Points:
WR3 – $163.07
WR2 – $154.26
WR1 – $146.96
Weekly Pivot – $137.84
WS1 – $131.51
WS2 – $121.49
WS3 – $115.39
Trading recommendations:
The target at the level of 174.50 has been hit, so all buy orders should be closed now and there should not be short-term buy orders opened. It is a good time to take the profits out of the table and wait for another trading setup.
The material has been provided by InstaForex Company – www.instaforex.com
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