Technical analysis of Etherum
As part of the steep rally from the central support zone at USD 1,700 / USD 1,730, Ethereum (ETHUSD) was able to overcome the several-week downtrend line and then the horizontal resistance zone at USD 2,410. This means that the price targets we had set in the event that the USD 2,050 mark was exceeded have not only been achieved, but have already been exceeded. The sustained overcoming of USD 2,410 led to a further brightening of the technical starting position. The price is currently in a relevant resistance zone in consolidation mode below the last marked 8-week high at USD 2,699.
In consolidation mode
In view of the overbought technical market indicators, the breather could extend in terms of time and price. Below the previous consolidation lows of $ 2,507, we would consider at least a test of the $ 2,410-2,464 zone likely. Below that, there would be short-term downside risks towards USD 2,317 and USD 2,108-2,151. Only below the latter support region would our preferred scenario of further rising prices be called into question. It would ultimately be negated with a slide below USD 1,997.
Where is the journey going?
The central resistance zone at USD 2,847-3,000 is currently acting as a possible target price on the upside. Pricing confirmations for an advance on this hurdle would be in a rise over the next barriers at USD 2,641, USD 2,666 and USD 2,699. From an opportunity-risk perspective, however, we prefer new investments into price weaknesses.
Note:
Despite careful analysis, Global Investa accepts no liability for the content, topicality, correctness or completeness of the information provided. The information provided does not constitute investment advice, purchase recommendations or investment brokerage.
As part of the steep rally from the central support zone at USD 1,700 / USD 1,730, Ethereum (ETHUSD) was able to overcome the several-week downtrend line and then the horizontal resistance zone at USD 2,410. This means that the price targets we had set in the event that the USD 2,050 mark was exceeded have not only been achieved, but have already been exceeded. The sustained overcoming of USD 2,410 led to a further brightening of the technical starting position. The price is currently in a relevant resistance zone in consolidation mode below the last marked 8-week high at USD 2,699.
In consolidation mode
In view of the overbought technical market indicators, the breather could extend in terms of time and price. Below the previous consolidation lows of $ 2,507, we would consider at least a test of the $ 2,410-2,464 zone likely. Below that, there would be short-term downside risks towards USD 2,317 and USD 2,108-2,151. Only below the latter support region would our preferred scenario of further rising prices be called into question. It would ultimately be negated with a slide below USD 1,997.
Where is the journey going?
The central resistance zone at USD 2,847-3,000 is currently acting as a possible target price on the upside. Pricing confirmations for an advance on this hurdle would be in a rise over the next barriers at USD 2,641, USD 2,666 and USD 2,699. From an opportunity-risk perspective, however, we prefer new investments into price weaknesses.
Note:
Despite careful analysis, Global Investa accepts no liability for the content, topicality, correctness or completeness of the information provided. The information provided does not constitute investment advice, purchase recommendations or investment brokerage.