Connect with us

Hi, what are you looking for?

Trading Secrets

The new weekly low for Ethereum this morning below $2900

The new weekly low for Ethereum this morning below $2900

We saw a new low price of Ethereum this morning at the $2867 level.

Ethereum chart analysis

We saw a new low price of Ethereum this morning at the $2867 level. Before that, the price failed to maintain the $3080 level, and a bearish consolidation followed at the low mentioned below. We quickly consolidated and started a recovery, moving back above the $3000 level. At $3040, we climb above the EMA50 moving average, and with its support, we continue to grow up to the $3120 level.

We are climbing to a two-day high, thus hinting that we could continue up to the $3160 level and the EMA200 moving average. A move above the EMA200 would bring us back above it after a week of movement below. Additional pressure on $3160 is the weekly open price level.

Recovery from this morning’s decline could continue above $3160

A move above Ethereum would return to the positive side from where it would be much easier to continue further recovery. Potential higher targets are the $3200 and $3250 levels. If we fail to move above these resistance levels, another pullback in Ethereum price follows.

With another drop below $3000, the price level would be under heavy bearish pressure to continue even lower. The EMA50 moving average would be on the upside, reinforcing the overall negative picture for Ethereum. After that, the expected continuation is to initiate a bearish consolidation. Potential lower targets are $2900 and $2800 levels.

The post The new weekly low for Ethereum this morning below $2900 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...