Loading...
Traders Beware!
Warning!

Fraudulent websites posing to have a connection with JFD

Please be aware of fraudulent websites
posing as JFD's affiliates and/or counterparties

More information
by Charalambos Pissouros

Ethereum Breaks Key Resistance of 215

ETH/USD traded higher yesterday, breaking above the key resistance territory of 215, which had been preventing the price from moving decently higher since May 1st. The crypto continued moving north today as well, but failed to reach our next resistance of 227, marked by the high of April 30th, and pulled back again. That said, as long as it is trading above the upside support line drawn from the low of March 20th, we would consider the near-term outlook to be somewhat positive.

The current setback may continue for a while more, but we see decent chances for the bulls to take charge again from near the 208 zone, or near the aforementioned upside support line. If so, they could successfully hit the 227 zone this time around, and if they manage to overcome it, we may see them heading towards the 240 area, marked as a resistance by the high of March 6th.

Shifting attention to our short-term oscillators, we see that the RSI, although it ticked up again, it recently exited its above-70 zone, while the MACD lies above both its zero and trigger lines, but shows signs of topping. Both indicators detect slowing upside speed and enhance our view that the current retreat may continue for a while more before the bulls decide to shoot again.

In order to abandon the bullish case and start examining a short-term reversal, we would like to see a strong dip below 190. The price would already be below the upside support line and may encourage the bears to dive towards the low of May 11th, at around 175. If that level is not able to halt the slide either, then the decline could get extended towards the 168 zone, which provided decent support between April 17th and 22nd.

Ethereum ETH/USD 4-hour chart technical analysis

Disclaimer:

The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. The Group of Companies of JFD, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD prohibits the duplication or publication without explicit approval.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with the Company. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Please read the full Risk Disclosure.

Copyright 2020 JFD Group Ltd.

WEEKLY FINANCIAL NEWSLETTER
RIGHT INTO YOUR MAILBOX!
SUBSCRIBE TO JFD'S STRATEGIC REPORT

MORE MARKET INSIGHTS