Today’s market saw ETH/USD moving northwards near $3,151. While writing this content, Ethereum registered sliding moves, losing 0.39%.
The ETH Market
Resistance levels – $3,500, $3,750 and $4,000.
Support levels – $2,750, $2,500, and $2,250.
According to the ETH/USD’s price chart, the leading altcoin has seen value surges over the past sessions. Meanwhile, the network has seen bullish candles surfacing in successful orders, affirming the upward moves.
Also, the 50 days Simple Moving Average intercepts with the 14 day Simple Moving Average as the bullish trendline crosses the SMAs.
It seems like every Ethereum indicator implies bullishness. The stochastic oscillators moved to the overbought territory, suggesting market consolidation. With that, the digital coin prevails over the Dollar.
While the crypto market looks to push northwards, the US dollar might find it challenging to regain massive strength. Ethereum breaching the $3,000 level has attracted bulls to the crypto space.
The correct sentiments will push Ethereum high towards the following resistance level at $3,500.
For bearishness to dominate the ETH/USD marketplace, bears will have to form a massive bearish candle at the level between $3,000 and $3,500. That would create a selling wall dominated by plunging entries.
If you want to trade the pair now, act with care if you prefer shorting.
In that context, analysts suggest that traders try long-term investing according to the ETH current conditions. Though the leading altcoin registers northward moves, investors should care about the volatility that the crypto exhibits.
The market will necessitate bullish efforts to sustain the surges. Meanwhile, some financial experts believe that Ethereum is a safe bet as far as crypto trading is concerned.
ETH/BTC Price Analysis
According to the analysis chart, ETH appears to push northwards higher against the leader, Bitcoin. The 50-d SMA remains below the 14-d Simple Moving Average indicator.
Meanwhile, the bullish line moved below the large SMA to act as a support. The Stochastic oscillators drift in the overbought territory with conjoining lines affirming the probability of ETH plunging in the future trading sessions. For that reason, traders should ensure timed market entrance to avoid losses.
Share the Article