ETHEREUM: Another bounce from key support
Technical analysis of Ethereum (ETHUSD) - view in H4-chart
After the small double floor, which had brought the listing up to the target area we were aiming for, Ethereum turned south again, starting from the rally high at USD 2,410. The breach of the support zone at USD 2,018 / 2,050 sent a bearish signal and made it probable that the medium-term critical accumulation zone at USD 1,700 / 1,730 would be tested again in the near future. With the low at USD 1,717, this target was also worked off on Tuesday.
Resistance ahead
Since then, there has been a lively recovery trend. The price recently penetrated the short-term significant resistance region, which extends to USD 2,050. It remains to be seen whether a sustainable breakthrough will be achieved. If successful, we believe that further price gains towards the next short-term trigger level at USD 2,193 would be likely. Overcoming it would ultimately speak in favor of a renewed push towards the more important hurdle at USD 2,410.
Critical only below USD 1,820
A pronounced consolidation of the latest price surge or a more pronounced rebound from the current hurdle would not come as a surprise. An immediate clouding of the very short-term chart image would only occur if the coin slipped below the USD 1,820 mark. Then we would favor another serious test of the $ 1,700-1,730 central support area. In this case, we consider the risk of a bearish breakthrough and thus a continuation of the overall downward trend from the record high to be high. In terms of formation, such a development in the medium-term time window would be seen as the dissolution of a falling triangle.
Note:
Despite careful analysis, Global Investa does not accept any liability for the content, topicality, correctness or completeness of the information provided. The information provided does not constitute investment advice, purchase recommendations or investment brokerage.
After the small double floor, which had brought the listing up to the target area we were aiming for, Ethereum turned south again, starting from the rally high at USD 2,410. The breach of the support zone at USD 2,018 / 2,050 sent a bearish signal and made it probable that the medium-term critical accumulation zone at USD 1,700 / 1,730 would be tested again in the near future. With the low at USD 1,717, this target was also worked off on Tuesday.
Resistance ahead
Since then, there has been a lively recovery trend. The price recently penetrated the short-term significant resistance region, which extends to USD 2,050. It remains to be seen whether a sustainable breakthrough will be achieved. If successful, we believe that further price gains towards the next short-term trigger level at USD 2,193 would be likely. Overcoming it would ultimately speak in favor of a renewed push towards the more important hurdle at USD 2,410.
Critical only below USD 1,820
A pronounced consolidation of the latest price surge or a more pronounced rebound from the current hurdle would not come as a surprise. An immediate clouding of the very short-term chart image would only occur if the coin slipped below the USD 1,820 mark. Then we would favor another serious test of the $ 1,700-1,730 central support area. In this case, we consider the risk of a bearish breakthrough and thus a continuation of the overall downward trend from the record high to be high. In terms of formation, such a development in the medium-term time window would be seen as the dissolution of a falling triangle.
Note:
Despite careful analysis, Global Investa does not accept any liability for the content, topicality, correctness or completeness of the information provided. The information provided does not constitute investment advice, purchase recommendations or investment brokerage.
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