Ethereum and other altcoins along with BTC are witnessing some gains after the fresh relief rally but a lot of technical indicators suggest that this downtrend might be around the corner. From the macroeconomic perspective frail economic data could push the Federal Reserve to relax the tightening of the rates. This could very well stop the downside bias for Ether in the dollar market. The price is ETH is trading at a 7 day increase of 3.51% and mainly range bound.
At the time of writing, ETH was trading at $1,186.
ETH, after closing in the red for eleven consecutive weeks, finally managed to give a green weekly closing last week. The asset took support at the crucial level of $860 and surged almost by 45% up to $1,280 from the low of $881. Currently, on a daily time frame, the prices are moving in a narrow range from $1,250 to $1,050. ETH is facing stiff resistance at $1,275 (Horizontal Trendline and 20 Day Moving Average). Hence, to further rally it needs to close and sustain above $1.275 whereas $1,025 and $860 will act as strong support 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.