empty
 
 
06.01.2022 03:41 PM
Ethereum under pressure approaches $3,300.

In our last Ethereum analysis using the Ichimoku cloud indicator, we warned traders that Ethereum was vulnerable to a move lower towards $3,500 and lower. Ethereum has provided us with several signs of weakness and is following our plan for a move lower.

This image is no longer relevant

Blue line- support (broken)

Red line - resistance

Ethereum initially broke below the blue upward sloping support trend line providing us with the first sign of weakness. At the same time price was breaking below the Kumo (cloud) support providing an added bearish signal. In our previous analysis we warned that the rejection at the cloud resistance was another bearish sign and as long as price was trading below the red trend line, we remained pessimistic and a move towards $3,500 and lower was justified. Short-term trend is bearish and this is also confirmed by the fact that price is below the Kumo (cloud). More downside is expected.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback