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ETHUSDETH/USD is near the 2850.00 price as of this writing. On the 3rd of April Ethereum was trading near the 3580.00 price level, a juncture ETH/USD had not touched since the first week of January. However, after hitting this mid-term high ETH/USD then produced a rather steep downward slope. In fact ETH/USD is now testing values it has not traversed since the middle of March. Ethereum remains a major cryptocurrency in the broad digital market, and its price action certainly causes reactions among its counterparts. While some traders who remain bullish may believe the recent downturn in ETH/USD is fine and a mere overreaction, there are other speculators who are likely looking at Ethereum and wondering if mid-March support levels will falter. ETH/USD is the second biggest cryptocurrency after Bitcoin, and it remains highly speculative. The ability of Ethereum to climb within sight of 3600.00 in early April, only to fall to nearly 2760.00 on the 26th of April is a rather incredible price difference. Traders need to consider not only their risk management tactics, but their emotional fortitude to withstand price volatility. However, most day traders of ETH/USD are not concerned with next week, they are concerned about tomorrow. In many respects the trend must be respected, because while it is easy to look for reversals, actually following the momentum of ETH/USD may be the more logical method of speculating for short term wagers. Technical traders may be looking at current support near the 2800.00 mark and believe if it falters that 2700.00 is a solid target. If April rain does in fact bring May flowers, traders may have reasons to be optimistic and look for upside in ETH/USD, but this is not the weather we are discussing, this is the cryptocurrency landscape. While the move of Ethereum to early April highs was met by a firestorm of selling, the broad digital market also suffered a downturn too. And the long term bearish trend which has dominated the cryptocurrency landscape since November of 2021 has reemerged with a dangerous thrust. If current support levels do not hold and ETH/USD falls through mid-March support, more nervous sentiment can certainly develop. An ominous sign for some technical traders may be the knowledge that February prices of ETH/USD were worse than March lows. A depth of nearly 2300.00 was seen on the 23rd of February. This value is far below mid-March support which is closer to 2550.00 on an averaged basis. However, if these mid-March prices are challenged, February’s lows will come plainly into view and even perhaps price targets for some traders. ETH/USD Outlook for May: Speculative price range for ETH/USD is 2150.00 to 3675.00. Current support levels are dangerous and should be monitored in ETH/USD. If Ethereum fails to sustain upwards momentum and keep its price above the 3000.00 mark for a solid duration, this could cause bearish traders to believe another leg down is going to occur. The next week of trading in ETH/USD is likely going to be volatile because of the nervous sentiment being generated with risk assets globally, such as the NASDAQ 100 stock index. While it may seem farfetched to mention this potential correlation, a look at long term charts of Ethereum and the NASDAQ 100 are worth a glance to gain a perspective regarding behavioral sentiment. If ETH/USD should fall below the 2700.00 mark this could spark more selling. Short term traders should not be overly ambitious and use take profit orders, so they do not suffer from the potential of wicked reversals creating havoc with profits that are not cashed in and are simply made to vanish. If negative sentiment continues in the broad crypto market, ETH/USD could certainly test lower depths. Bullish traders are still within the cryptocurrency sphere for a good reason, they understand reversals higher often occur after wild selloffs to the downside. However, short term buyers should be extremely cautious. The trend lower is not a joke. Momentum upwards should be waited on by more conservative traders before attempting wagers. Perhaps a move above the 3100.00 mark could signal a solid change in direction. Some traders may believe only a move above 3400.00 can be viewed as positive idea for future trend.
COINBASE:ETHUSD
by SmoothJB
1
#ETHUSDT Printing a strong Hammer ! Target $4800+, Here's why..ETH broke out and retested perfectly. Looking at the daily chart, It seems the market is ready to pump from here. DOJI:- If the Doji forms in an uptrend or downtrend, this is normally seen as significant, as it is a signal that the buyers are losing conviction when formed in an uptrend and a signal that sellers are losing conviction if seen in a downtrend. All we need is daily to close with a beautiful hammer. The potential target for the pattern will be somewhere around $4k. Suggested the best buying range around this level in my last chart. SUGGESTED ACTION:- Although you should always DYOR, This is what I will do, Though I already spot longed on ETH, For leverage positions, I'll wait for a strong DOJI close above the trendline and open a long around $2800 to $2920.Aggressive entry in case ETH takes over both 21D and 50D MA daily. SL:- I will close my long in case we break and close below $2677. This is a good trade setup giving us 1:8+ RR which is amazing. INVALIDATION:- Close below the black support trendline will invalidate the chart. Let me know what you think. DO hit the like button and share your views in the comment section. Thank you #PEACE
Long
by Cryptorphic
4
ETHUSDethereum has pulled back a bit during the trading session on Thursday but has found buyers by the end of the day to turn things around and form a bit of a hammer. By forming a hammer, this suggests that Ethereum is going to rally from here, perhaps trying to recapture the uptrend. Furthermore, the 50 Day EMA is reaching above the 200 Day EMA, forming a “golden cross.” Looking at this chart, if we can break above the top of the hammer, one would anticipate that a move to the $3500 level would be possible. The $3500 level has been a significant resistance barrier recently, and it is of course a large, round, psychologically significant figure that will attract quite a bit of headline noise, and perhaps even institutional money. Breaking above that level then opens up the possibility of a move to the $4000 level, which has even more resistance built into it as that is where we had fallen from previously. On the downside, if we were to break through the moving averages, that could have this market looking to take out the $3000 level underneath, which has been important multiple times. Giving that up would then open up a move down to the $2500 level which had been so significant in its support, as we had formed the “double bottom” at that level. Keep in mind that Ethereum is also going through the process of validating the next move in blockchain technology, and as the merge continues, it is very bullish for Ethereum. As it works from proof of work to proof of stake, that will also add more users to the network, thereby driving up the value of a coin. More developers were jumping on to the Ethereum network these days, and that has been a bullish driver as well. As long as there is risk appetite out there, and an overall bullish sentiment when it comes to crypto, is very likely that Ethereum will do fairly well over the long term. This is not to say that there will be the occasional vicious pullback, but that is the nature of crypto in general. In the short term, it looks like the buyers are trying to make a stand, so I am more bullish than bearish, and recognize that we may have a short-term blast higher just waiting to happen.
BITSTAMP:ETHUSDLong
by SmoothJB
ETHEREUM RALLIED AS EXPECTED. IS $3.8K POSSIBLE? Welcome members to this update on ETH update. If you are viewing my post for the first time then do not forget to like and follow. I share updates on the crypto market including margin trading, futures, spot, and scalping. All ideas are my biased opinion and I invest at my own risk. I don't force anyone to buy or sell, I simply share my ideas absolutely for free and it is your sole decision whether to trade on them or use them to understand the market. ETH rallied as expected and till now we have made a great profit on this. So far we are 23% up on ETH and this holding was purely on spot. Now, as ETH has already rallied this high, what could be the upcoming scenario on ETH? Well, I am expecting some retracement soon. The market can't just keep making greens, it needs a balanced act between the red and green candles. We have strong resistance at $3.6k which is the level I am expecting ETH to reach and then retrace back to $3.4k making support level. If ETH gets rejected now then $3.2k to $3k could be the possible drop levels. What's your idea on ETH? Do let me know. Like and follow for more updates. Thank you.
COINBASE:ETHUSDShort
by Dexter_The_Trader