Technical Analysis of Daily Price Movement of Ethereum Cryptocurrency, Friday May 12 2023.
May 12, 2023 9:22 am
After the Ethereum Cryptocurrency managed to break above the 1788.23 level on the daily chart, Ethereum is now being pulled down below that level again where the current bias of #ETH is Bearish which is confirmed by price movements moving in a channel that dips downwards and price movements that is below the Moving Average and the MACD indicator is in Positive SELL condition and a Bearish 123 pattern appears, so in the near future #ETH has the potential to fall down to the 1713.25-1583.42 area level as the main target and the 1543.52 level as the second target but this decline scenario may fail automatically if on the way to these levels suddenly #ETH turns corrected up above the 1923.57 level because if this level is broken then the decline that is currently happening in this Crypto currency will be halted for a moment for the next few days.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
After the Ethereum Cryptocurrency managed to break above the 1788.23 level on the daily chart, Ethereum is now being pulled down below that level again where the current bias of #ETH is Bearish which is confirmed by price movements moving in a channel that dips downwards and price movements that is below the Moving Average and the MACD indicator is in Positive SELL condition and a Bearish 123 pattern appears, so in the near future #ETH has the potential to fall down to the 1713.25-1583.42 area level as the main target and the 1543.52 level as the second target but this decline scenario may fail automatically if on the way to these levels suddenly #ETH turns corrected up above the 1923.57 level because if this level is broken then the decline that is currently happening in this Crypto currency will be halted for a moment for the next few days.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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