For Traders

Analytical Reviews

Crypto-currencies

14.07.202221:10 Forex Analysis & Reviews: Ethereum's big test at $1,280 is approaching.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Green line- trend line resistance

Red line- horizontal resistance

Ethereum bounced off $1,000 and is now moving above $1,100 in an attempt to reach and test the horizontal resistance at $1,280 where it got rejected twice so far. Price has made no real progress over the last few weeks as it continues its sideways movement. Ethereum is bouncing higher and has potential to test $1,280 once again. The RSI has moved out of the oversold levels. We continue to consider that this sideways movement is only a pause to the major downtrend. Ethereum has potential to bounce towards $1,470, but I believe that this is a counter trend move and we will soon see price under pressure again.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade