You are here: Home > articles > Forex > Technical Analysis – ETHUSD pulls back aggressively from 11-month peak
Technical Analysis – ETHUSD pulls back aggressively from 11-month peak
April 20, 2023 10:33 amVideo
Latest News
- Analysis for GBP/USD on April 16th. The pound should not count on support from Powell April 16, 2024
- Analysis for EUR/USD on April 16th. The southern trend has been put on pause for correction April 16, 2024
- USD/JPY: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- GBP/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- Trading Signals for GBP/USD for April 16-18, 2024: buy above 1.2405 or 1.2450 (21 SMA – 0/8 Murray) April 16, 2024
- EUR/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- AUD/USD: Australian dollar remains under pressure April 16, 2024
- GBP/USD: trading plan for the US session on April 16th (analysis of morning deals). The pound was quickly bought back around April 16, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 16-18, 2024: buy above $62,500 (4/8 Murray – 21 SMA) April 16, 2024
- Technical Analysis – USDCAD blossoms ahead of central bank speeches April 16, 2024
- EUR/USD: trading plan for the US session on April 16th (analysis of morning deals). Fewer people are willing to sell euro April 16, 2024
- EUR/USD. April 16th. Bears continue to advance against the backdrop of strong US statistics April 16, 2024
- Euro, sterling extend weakness April 16, 2024
- GBP/USD. April 16th. British statistics didn’t capture traders’ attention April 16, 2024
- Technical Analysis – EURCHF ticks up after strong losses April 16, 2024
- Technical Analysis – JP 225 index tests crucial support zone April 16, 2024
- Market Comment – Stocks slide, dollar soars as rate cut bets take another hit April 16, 2024
- Forex forecast 04/16/2024: EUR/USD, USDX, Gold and SP500 from Sebastian Seliga April 16, 2024
- GBP/USD: trading tips for beginners for European session on April 16 April 16, 2024
- EUR/USD: trading tips for beginners for European session on April 16 April 16, 2024
ETHUSD (Ethereum) had been trending higher since the beginning of the year, peaking at a fresh 11-month high of 2,142 after the successful completion of the Shanghai update. However, the digital coin experienced a significant downside correction in the past couple of sessions after reaching extremely overbought conditions.
The momentum indicators currently suggest that the recent advance was indeed overstretched as both the RSI and the stochastic oscillator are coming down from their overbought territories. However, they remain above their 50-neutral marks, hinting that bulls have not totally surrendered yet.
Should Ethereum extend its retreat, the bears could aim for 1,911, which is the 38.2% Fibonacci retracement of the 3,581-879.40 downleg. If that barricade fails, the spotlight may turn to the 23.6% Fibo of 1,517, which lies very close to the 200-day simple moving average (SMA). Even lower, the March bottom of 1,370 may provide downside protection.
On the flipside, if buyers re-emerge and push the price above the 2,000 psychological mark, the recent 11-month high of 2,142 might act as initial resistance. Surpassing that zone, the price could challenge the 50.0% Fibo of 2,230. Further advances could then cease at the 61.8% Fibo of 2,549.
Overall, ETHUSD experienced a pullback after its remarkable surge came to a halt at an 11-month high, but its bullish technical structure remains intact. For the sentiment to turn bearish, the price needs to drop beneath its 200-day SMA, currently at 1,492.
Related Posts: