Facebook Twitter Instagram
    Monday, May 23
    Facebook Twitter LinkedIn Telegram YouTube
    SimpleFX Blog
    Banner
    • Home
    • News
    • Tutorials
    • Updates
    • Opinion
    • Trading Academy
    • Trading Schedule
    SimpleFX Blog
    Home»Analysis»ETHUSD Hit 6-Month Low But Recovered. What’s the Current Trend?
    Analysis

    ETHUSD Hit 6-Month Low But Recovered. What’s the Current Trend?

    Zach WrightBy Zach WrightJanuary 25, 2022No Comments2 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email

    Ethereum fell under $2,2 support and hit $2148 on Monday, the lowest price in six months. It recovered quickly and is trading above $2,400 on SimpleFX. Traders who had BUY orders opened around $2,200 made a big profit so far. Some Ethereum holders bought in as the crypto is still priced twice as high as a year ago.

    Where is the second-largest cryptocurrency heading next?

    ETHUSD seems to be forming a global trend that is rapidly moving down within a large green channel.

    At the end of December, the price touched the upper green wall, the bulls could not break through the resistance line. Then the market turned around and began to move in a downward direction. The last section of the chart, which was formed from December to the present day, describes a descending yellow channel.

    Currently, the price is in the lower green area, not so long ago the bears already tried to break through the green line, but they did not have enough strength. In the current situation, there are two possible scenarios. Bears can continue to push the price down to the lower green line, and if they can break through the support level of 2112.59, then a path will open for them to the lower yellow line and the support level of 1303.15.

    In the second option, the price can rise to the upper yellow wall and the resistance level of 2628.95. Only with a successful breakdown of this level, market participants can wait for the continued growth of the currency pair. The next level where the price can rise, the resistance level of 3103.45, is located on the upper line of the green channel.

    With the downward movement of the market, it is worth considering opening sales deals. When confirming an uptrend, we can consider opening long positions.

    featured
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleChanges to the Trading Hours in Australia and India on January 26
    Next Article Can BMW Enter a Steep Ascending Channel?
    Zach Wright

    Related Posts

    Is the NIKKEI225 Rally a Retracement or Trend Change

    May 20, 2022

    Is LTCUSD Closer to $90 or to $30?

    May 19, 2022

    BMW – Time to Buy or Sell the Top German Value Stock?

    May 18, 2022

    Leave A Reply Cancel Reply

    Copyright © 2019. SimpleFX
    • SimpleFX WebTrader
    • Unilink Affiliate Tracker

    Type above and press Enter to search. Press Esc to cancel.

    We and our partners use cookies for analytics purposes and to serve personalized ads. You can view our privacy policy here and our cookies policy here
    Accept.
    Privacy & Cookies Policy

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
    Non-necessary
    Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
    SAVE & ACCEPT