• The ETH/USD price now tends to lose valuation to allow a correctional movement.
• $3,000 line needed to forcefully breach southward to confirm the possibility of seeing more downs of the market.
• Some downward falls of this market may purposely be to the advantage of the ETH/USD bull afterward.
The ETH/USD price now tends to lose valuation as some downward forces are seemingly taking place in a correctional before an upward trend continuation. -1.57 percent appears to be the rate at which the crypto economy drops, trading around the level of $3,122. The points between $3,500 and $3,000 have continually witness variant price convergences over time.
Ethereum Key Zones
Resistance Levels: $3,400, $3,900, $4,400
Support Levels: $3,000, $2,750, $2,500
ETH/USD Long Term Trend: Bullish
The ETH/USD bullish long-term trend now tends to lose valuation as there has been a sign of downward force characterized by the emergence of a bearish candlestick in the making. The bullish trend-line drew tightly around the higher trading zone where a depression seems to form on the daily chart. The 14-day SMA indicator is at $3,000, indicating the line as the immediate support zone that price will have to forcefully breach southward to confirm the possibility of seeing more downs of the market. However, the bull may find an opportunity to rebuild its stance between the point and the subsequent lower levels of either $2,750 or $2,500 afterward.
On the downside, being as it has shown currently on the analysis chart that the Stochastic Oscillators have crossed the lines southbound between the ranges of 40 and 20 shows that some amounts of price depressions are featuring. The only strong support line is at $3,000. And, it needed to breach sustainably to give more clarity to downward movement resumption. However, if the price rebounds around the line mentioned earlier, the bear’s position may get trapped at that trading capacity zone.
ETH/USD Short Term Trend: Bullish
The ETH/USD short-term chart shows that the crypto’s price tends to lose valuation as a bearish candlestick has touched the bigger SMA trend-line at a lower trading point. It must recall despite the current decline of the market trend still wears a bullish outlook. However, it could be that the downward force is at the start of its path to the downside.
All the trading indicators are above the level of $3,000. The 14-day trend-line is over the 50-day SMA trend-line as the bullish trend-line drew in an extension to support the smaller SMA before it briefly breached down. The Stochastic Oscillators have dipped into the oversold region, touching close to the critical range line at zero zones. That signifies that the bear’s energy to push southward further is probably fast getting reduced.
In conclusion, there may still be a line of downfalls in the ETH/USD market operations. But, it may not last long. However, furthering downwards of this crypto trade could be an opportunity to look out for buying positions afterward.
Also read: Ethereum (ETH/USD) Bulls Agitate Towards $4380 All-Time High
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