Ethereum has seen a good recovery over the past 6 to 7 weeks. After creating an ATH, it dipped hard retracing more than 50%. But, then we've seen adoption, institutional interest, and the latest developments which helped ETH price to again bounce back to the current levels.
It's trading at around $3940, at the time of writing and is holding the support level at $3826 very well. If it's unable to hold this support level, it might retest the $3000 area before making an upward move.
It looks like an easy path for it to see a new ATH if it manages to break the immediate resistance level at about $4000.
RSI has again visited the overbought zone, which shows strength and is a good sign to see an upward move.
A good place to open a long position would be during the retest of the support level or the breakout of the immediate resistance level.
Please do your own research before opening any trade, and use a proper risk management strategy to minimize the chances of any losses.
Do let us know in the comment section about your thoughts on this analysis.
Follow us for more ideas, scripts, and educational analysis.
Happy Trading!
It's trading at around $3940, at the time of writing and is holding the support level at $3826 very well. If it's unable to hold this support level, it might retest the $3000 area before making an upward move.
It looks like an easy path for it to see a new ATH if it manages to break the immediate resistance level at about $4000.
RSI has again visited the overbought zone, which shows strength and is a good sign to see an upward move.
A good place to open a long position would be during the retest of the support level or the breakout of the immediate resistance level.
Please do your own research before opening any trade, and use a proper risk management strategy to minimize the chances of any losses.
Do let us know in the comment section about your thoughts on this analysis.
Follow us for more ideas, scripts, and educational analysis.
Happy Trading!
Comment:
It is retesting the area mentioned.