After Ethereum ramped up in price, reaching very close to $2000, selling pressure resumed and has wreck havoc on this market. Nevertheless, looking at this chart, we can see that it appears as if strong support has been found. By critical examination, we can see that price activity refuses to fall below $1575.60 support.
Ethereum Forecast Statistics Data:
Ethereum Current Price: $1575.60
Ethereum Market Capitalization: $192.55billion
Ethereum Systemic Supply: 122.1 million
Ethereum Total Supply: 122.1 billion
Ethereum Coinmarketcap Position: #2
Nevertheless, we need to know what might soon happen in this market. There is a need for us to answer questions like, what’s developing in this market? Will the downtrend continue? What should a trader do in this market? Each of these we will answer soon.
Important Price Levels:
Top Levels: $1620, $1750, $1900
Bottom Levels: $1700, $1623, $1575.60
ETH/USD Falls to a Strong Support, Buy Tamadoge Now
After selling pressure resumed ETH/USD price reached close to $2000, selling pressure has caused price action to find lower support. However, by carefully observing the last three candles on this chart, we can see that these candles appear to be sitting at the same price level. Furthermore, the Stochastic RSI has reached the oversold zone.
Therefore, it’s not likely that price action will fall any lower. Consequently, traders in this market can anticipate an upward correction from this point on. Nevertheless, the best approach to this market will be to set a buy stop at around $1650. This is to ensure that an upward correction has begun in full. Once an upward correction commences, the price may reach the $1,700 price level.
Ethereum Price Prediction: ETH/BTC Rebound off Resistance
The applied Bollinger indicator on the ETH/BTC chart portrays how value activity bounced off resistance. Moving on, price movements have passed the MA of the Bollinger indicator to the downside. Normally, we could have predict that value action will get to the lower Band of the Bollinger indicator. However, we can see that it’s like a correction is about to happen here.
Your capital is at risk.
The Stochastic RSI is turning towards each other for a cross. So, it is logical to expect that an upward rebound may occur any time from now. Once the reversal is initiated here, the value of this pair may reach around 0.08000. Traders should anticipate this level. Consequently, traders can go long at this point as a reversal is near.
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