Ethereum Printed Continuation Pattern!
May 18, 2021 11:24 amVideo
Latest News
- Outlook for EUR/USD on April 15. The euro is already falling for no apparent reason! April 15, 2024
- Trading plan for GBP/USD on April 15. Simple tips for beginners April 15, 2024
- Trading plan for EUR/USD on April 15. Simple tips for beginners April 15, 2024
- Euro will return to parity April 12, 2024
- Trading Signals for ETH/USD (Ethereum) for April 12-15, 2024: buy above $3,435 (3/8 Murray – 200 EMA) April 12, 2024
- EUR/USD. Analysis for April 12th. The euro falls down under the pressure of the news background April 12, 2024
- GBP/USD. Analysis for April 12th. A significant event: the pound fell below the 25-figure April 12, 2024
- Trading Signals for EUR/USD for April 12-15, 2024: buy above 1.0620 (-2/8 Murray – rebound) April 12, 2024
- GBP/USD: trading plan for the US session on April 12th (analysis of morning deals). The pound followed the euro April 12, 2024
- EUR/USD: trading plan for the US session on April 12th (analysis of morning deals). The euro continues to fall April 12, 2024
- EUR/USD and GBP/USD: Technical analysis on April 12 April 12, 2024
- EUR/USD: Dovish signals from the ECB and rising PPI April 12, 2024
- EUR/USD. April 12th. ECB meeting: confidence in rate cut increased in June April 12, 2024
- GBP/USD. April 12th. British economy continues to stagnate April 12, 2024
- Analysis and trading tips for EUR/USD on April 12 (US session) April 12, 2024
- Analysis and trading tips for USD/JPY on April 12 (US session) April 12, 2024
- Analysis and trading tips for GBP/USD on April 12 (US session) April 12, 2024
- Weekly Forex Outlook: 12/04/2024 – More inflation data on the way as rate cut bets in disarray April 12, 2024
- Technical Analysis – GBPUSD ticks down to new 5-month low April 12, 2024
- Bitcoin holds above $70,000 as halving event looms – Crypto News April 12, 2024
Ethereum is trading at 3,476.67 level at the time of writing. The selling pressure remains high as the price plunged below strong support levels. In the short term, the price found temporary support, and now it looks to trade higher again.
The price dropped as the price of Bitcoin registered a strong sell-off as well. BTC/USD has bounced back, that’s why ETH/USD rebounded. Ethereum’s corrective phase was somehow expected after its amazing growth.
ETH/USD Rebound!
ETH/USD has found support on the 50% retracement level and on the weekly S1 (3,156.01) level. Now the crypto is trading back above 38.2% and under the first warning line (WL1) which acts as a dynamic resistance.
You can see that the price is trapped within a downward channel. The bearish pressure remains high as long as Ethereum is trading under the downtrend line. Technically, the downtrend line is seen as a continuation pattern.
A valid breakout from this chart formation could signal a new leg higher towards 4,380.64 all-time high.
Ethereum Outlook!
The pressure is high as long as it stays below 3,591.46 high and under the downtrend line. It could drop anytime again if it fails to take these upside obstacles as soon as possible.
The upper median line (uml) of the ascending pitchfork remains the immediate dynamic support. Maybe a consolidation or a major bullish reversal pattern could indicate that the corrective phase is over.
A bullish closure above 3,591.46 static resistance could signal further growth towards the weekly pivot (3,769.96).
Dropping and stabilizing below the upper median line (uml) could signal a larger corrective phase.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: