Trade Enters New Higher Zones– September 4
In the last couple of days’ sessions, the ETH/USD financial record has increased valuation higher than the other crypto-economic prices. As a result, the trade now enters new higher zones of trading. The market’s trading situation is around $3,849 at a percentage rate of about -2.31. That signifies the possibility of getting to see necessary downsizing moments of the crypto market.
Trade Enters New Higher Zones: ETH Market
Resistance levels: $4,250, $4,500, $4,750
Support levels: $3,500, $3,250, $3,000
ETH/USD – Daily Chart
The ETH/USD daily chart reveals that the crypto trade enters new higher zones close to the levels of previous high-time high trading zones achieved around May this year. The $3,500 value formerly been the area of long-trading resistance breached by the bullish candlestick that occurred on the first day’s session of this month, propelling price for more upsides in the following days. Today’s candlestick takes its form under the resistance line at $4,000 on a lighter note. The 14-day SMA and the bullish trend-line draw alongside over the 50-day SMA. The Stochastic Oscillators in the overbought region with the lines slightly crossed southbound within it. That gives a warning signal that the pressures to the north side are getting a reduction on a gradual process.
As the ETH/USD trade enters new higher zones, could the market surge northward further past $4,000?
The ETH/USD trade enters new higher zones of trading between $3,500 and $4,000. Price may, for a long time, hover around the higher value line. In the wake of that, it would be necessary that bulls exercise some degrees of patience about launching more long positions, especially while there is no price action to back the long-position of trading. Moreover, there is an indication that the market has gained control to the level of an overbought condition.
On the downside, history could repeat itself, seeing prices falling around the high mark of around $4,000 in the subsequent efforts that the market may attempt to push upside. In the meantime, some amount of patience is to exercise around the point. A fearful breakout at the line may in no time turn fake. If that has to be, traders are watchful for active price reversal of the presumed motion to get a sell entry out of it.
ETH/BTC Price Analysis
The trending capability between Ethereum and Bitcoin as on the price analysis chart shows that the cryptos’ trade enters a higher trading line. It means that the base crypto overrides the forces on the side of the counter crypto. The 14-day SMA trend-line is closely above the 50-day SMA trend-line. The Stochastic Oscillators are in the overbought region, suggesting that ETH may in the near time lose the stance to the flagship counter crypto.
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