Connect with us

Hi, what are you looking for?

Trading Secrets

The price of Ethereum falls to the support level at $3520

The price of Ethereum falls to the support level at $3520

The price of Ethereum has been in a pullback since Tuesday.

Ethereum chart analysis

The price of Ethereum has been in a pullback since Tuesday. After we climbed to $3679 on Tuesday, there was a stop there, and the price started a bearish consolidation. Wednesday first brought us a jump to the $3664 level, then a pullback to the $3460 support level. We saw a recovery and bullish consolidation on Thursday up to $3610.

This is where we make a lower low compared to the previous ones, increasing the pressure on the price to start a new pullback. This happened this morning with a drop to the $3550 support level. After that, a new consolidation that did not last long. The break below pushed Ethereum to a daily low of $3515. Here, we meet the EMA200 moving average and expect some consolidation or support.

Should we expect a continuation of the bearish trend of the Ethereum price below $3400?

If we do not get EMA200 support, a drop below and a strengthening of the bearish momentum of the price of Ethereum will follow. Watching how the price will behave at the $3500 level will be interesting. The volatility will see it slip below and test the support zone from Wednesday. Potential lower targets are $3480 and $3460 levels.

For a bullish option, we need EMA200 support first. After that, we can start a bullish consolidation in order to climb above the $3580 level. That could push the price to test the $3600 level. Depending on the bullish impulse, the price would have the opportunity to jump over that level and continue further growth above. Potential higher targets are the $3620 and $3640 levels.

The post The price of Ethereum falls to the support level at $3520 appeared first on FinanceBrokerage.

Enter your email address below and we’ll send you our best practices.

    You can unsubscribe at any time. Redstatefoundation respects your privacy and strives to be transparent about our data collection practices. Please read our Privacy Policy and Terms of Use.

    You May Also Like

    Trading Secrets

    What is the marginal rate of substitution and its formula? Key Takeaways: Trade-offs and Satisfaction: MRS shows the trade-offs consumers are willing to make...

    Trading Life

    Laura Wong Hon Chan is an interest rate options trader, who is currently a director at Bank of America Merrill Lynch in New York....

    Trading Secrets

    In this episode of StockCharts TV‘s The MEM Edge, Mary Ellen reviews what’s driving the markets higher and what to be on the lookout...

    Trading Secrets

    SPX Monitoring Purposes: Long SPX on 10/10/22 at 3612.39; sold 12/13/22 at 3669.91 = gain 1.59%. Monitoring Purposes GOLD: Long GDX on 10/9/20 at...