Ether has been fluctuating near the 20-day EMA ($1,255) for the past few days. This indicates indecisiveness between bulls and bears. Flat moving averages and RSI near the middle do not give a clear advantage to either the bulls or bears. The ETH/USDT pair can trade longer between $1,218 and $1,309. Crypto and stock markets could see a sharp spike in volatility due to this week’s CPI release, rising interest rates, and a conference call by Federal Reserve Chair Jerome Powell. The price of the asset has risen by a marginal percentage of 1.94, while the volume swelled by more than 10%.
At the time of writing, ETH was trading at $1,268.
ETH continues to trade sideways in a narrow range from $1,230 to $1,295 with low volumes over the past two weeks. The asset is resisting at its 50-Day Moving Average of around $1,300. On a broader time frame, ETH has strong resistance at $1,400, once it breaks and closes above the level then we can expect a rally up to $1,750. Whereas $1,050-$1,000 will act as strong support and a break below this will lead to further downfall. Flat Moving Averages and an RSI at 50 indicate a neutral stance for the asset.
Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in crypto assets viz. Bitcoin, Bitcoin Cash, Ethereum etc. are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.