Ethereum’s price trajectory is witnessing a notable descent, marking a departure from its earlier consistent ascent since February. The cryptocurrency had been steadily climbing within a parallel channel on the daily chart, with momentum intensifying towards late February, culminating in a bullish breakout from the channel.
©
However, the previous resistance border, which had transformed into support, failed to sustain the upward momentum, leading to a current downward trajectory aiming towards the $3030.0 demand level. Ethereum appears to be undergoing a corrective phase as it seeks to establish a robust support zone amidst recent price fluctuations.
Ethereum Key Levels
Demand Levels: $3030.0, $2200.0, $1900.0
Supply Levels: $4200.0, $4940.0, $5000.0
Analyzing Indicators
The Stochastic oscillator has remained entrenched in the overbought region, reflecting the sustained price rise preceding the recent downturn. Before encountering resistance around the $4200 level, Ethereum’s price trajectory reversed course, initiating a plunge.
The Heikin Ashi candles have maintained a bullish stance following the recent examination of the supportive border within the bullish parallel channel on the 24-hour chart. The daily candles have dipped below the smoothed Heikin-Ashi candles, signalling a shift towards bearish sentiment in the market. Due to the current oversold conditions of the Stochastic, market observers anticipate a potential bullish recovery in the near term.
Learn from market wizards: Books to take your trading to the next level
CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).
This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.
Hot Features
Premium
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
