Ethereum

Ethereum: general review, Ethereum forecast

Current trend, Ether, along with the rest of the cryptocurrency market, started the week with a decline. The price is at 132.00, having lost about 24% in less than two days.

There were no obvious reasons for the decline; most experts agree that the current situation is a continuation of the downtrend that began last week. However, a significant impact on digital assets prices could be caused by stablebcoins. It is no coincidence that the newly created Circle (USDC), True USD (TUSD) and Dai (DAI) currencies have added more than 200% to capitalization since earlier this week. Investors use them as safe haven assets due to the cryptocurrency market instability. Ethereum network hashrate decrease to 236 TH/s  put pressure on Ether. Mining of an ETH unit in world regions differs from USD 150 to 90, and the current price makes it unprofitable for most miners. Ethereum: general review

Ethereum: general review, Ethereum forecast

 

Support and resistance

Currently, the price tends to 125.00 (Murrey [0/8]) and if it is broken down, it may continue to decline to 93.75 (Murrey [–1/8]). However, the level of 125.00 is the lower edge of Murrey trading range, so reversal and beginning of an upward correction to 156.25 (Murrey [2/8]) and 187.50 (Murrey [4/8], the center line of Bollinger Bands) are possible. For now, the continuation of the decline looks more preferable. Bollinger Bands diverge, confirming the downtrend; the MACD histogram increases in the negative zone; Stochastic has entered the oversold zone, but is directed downwards.

Resistance levels: 156.25, 171.88, 187.50.

Support levels: 125.00, 109.38, 93.75.

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Trading tips

Short positions may be opened from 120.00 with targets at 109.38, 93.75 and stop loss at 140.00.

Long positions may be opened after the price reverses at 125.00 with targets at 156.25, 187.50 and stop loss at 115.00.

Implementation period: 4-5 days.

 

Scenario

Timeframe Weekly
Recommendation SELL STOP
Entry Point 120.00
Take Profit 109.38, 93.75
Stop Loss 140.00
Key Levels 93.75, 109.38, 125.00, 156.25, 171.88, 187.50

 

Alternative scenario

 

Recommendation BUY LIMIT
Entry Point 125.00
Take Profit 156.25, 187.50
Stop Loss 115.00
Key Levels 93.75, 109.38, 125.00, 156.25, 171.88, 187.50

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