ETH/USDT - market update 24.05
Hello traders,
ETH corrected the whole upward movement, which started from the $2140 - $2488 zone.
Under sellers' pressure and a cascade of liquidations of margin positions, the price fell to the level of $1740, and then returned to the buyers' control zone of $2140 - $2488.
In the apparent trades profile, we see that the area of the highest interest is between $2488 - $3200, so we can assume that the upcoming trading activity will be concentrated in this area.
The buyers will meet the sellers on the downside correction: the first sellers' control zone is between $2800-3000, the second one is between $3200-$3590, where we can expect the sellers' reaction in each zone.
The closest Fibonacci Retracement levels are:
0,382 ($2742);
0,50 ($3056) ;
0.618 (3369)
The news background also disposes of the growth. For instance, Bloomberg said today that ETH is approaching a long-awaited fix that will reduce electricity consumption by more than 99%.
Good luck and watch out for the market
P.S. This is an educational analysis that shall not be considered a financial advice
ETH corrected the whole upward movement, which started from the $2140 - $2488 zone.
Under sellers' pressure and a cascade of liquidations of margin positions, the price fell to the level of $1740, and then returned to the buyers' control zone of $2140 - $2488.
In the apparent trades profile, we see that the area of the highest interest is between $2488 - $3200, so we can assume that the upcoming trading activity will be concentrated in this area.
The buyers will meet the sellers on the downside correction: the first sellers' control zone is between $2800-3000, the second one is between $3200-$3590, where we can expect the sellers' reaction in each zone.
The closest Fibonacci Retracement levels are:
0,382 ($2742);
0,50 ($3056) ;
0.618 (3369)
The news background also disposes of the growth. For instance, Bloomberg said today that ETH is approaching a long-awaited fix that will reduce electricity consumption by more than 99%.
Good luck and watch out for the market
P.S. This is an educational analysis that shall not be considered a financial advice
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