Ethereum Defies Downtrend: Dramatic Reversal or False Breakout
- On the daily Ethereum chart , a downtrend has been evident since March 13, 2024.
- A downtrendline from $483.91 rejected the price at $3728.48 after a retracement from $3053.92.
- The downtrend continued to $2807.28 before reversing and breaking the downtrendline to the upside on May 20, 2024.
- The price closed at $3498.93 and is currently around $3680.55.
- If the breakout above the downtrendline holds, further upside potential is likely.
- If the breakout fails, a downside move is probable.
Risk Warning: Trading in CFDs is highly speculative and carries a high level of risk. It is possible to lose all of your invested capital. These products may not be suitable for everyone, and you should ensure that you fully understand the risks taking into consideration your investment objectives, level of experience, personal circumstances as well as personal resources. Speculate only with funds that you can afford to lose. Seek independent advice if necessary. Please refer to our Risk Disclosure.
BDSwiss is a trading name of BDS Markets and BDS Ltd.
BDS Markets is a company incorporated under the laws of the Republic of Mauritius and is authorized and regulated by the Financial Services Commission of Mauritius ( FSC ) under license number C116016172, address: 6th Floor, Tower 1, Nexteracom Building 72201 Ebene.
BDS Ltd is authorized and regulated by the Financial Services Authority Seychelles (FSA) under license number SD047, address: Suite 3, Global Village, Jivan’s Complex, Mont Fleuri, Mahe, Seychelles. Payment transactions are managed by BDS Markets (Registration number: 143350).
- A downtrendline from $483.91 rejected the price at $3728.48 after a retracement from $3053.92.
- The downtrend continued to $2807.28 before reversing and breaking the downtrendline to the upside on May 20, 2024.
- The price closed at $3498.93 and is currently around $3680.55.
- If the breakout above the downtrendline holds, further upside potential is likely.
- If the breakout fails, a downside move is probable.
Risk Warning: Trading in CFDs is highly speculative and carries a high level of risk. It is possible to lose all of your invested capital. These products may not be suitable for everyone, and you should ensure that you fully understand the risks taking into consideration your investment objectives, level of experience, personal circumstances as well as personal resources. Speculate only with funds that you can afford to lose. Seek independent advice if necessary. Please refer to our Risk Disclosure.
BDSwiss is a trading name of BDS Markets and BDS Ltd.
BDS Markets is a company incorporated under the laws of the Republic of Mauritius and is authorized and regulated by the Financial Services Commission of Mauritius ( FSC ) under license number C116016172, address: 6th Floor, Tower 1, Nexteracom Building 72201 Ebene.
BDS Ltd is authorized and regulated by the Financial Services Authority Seychelles (FSA) under license number SD047, address: Suite 3, Global Village, Jivan’s Complex, Mont Fleuri, Mahe, Seychelles. Payment transactions are managed by BDS Markets (Registration number: 143350).