Connect with us

Hi, what are you looking for?

Smart Success Strategy – Investing and Stock NewsSmart Success Strategy – Investing and Stock News

Economy

Ethereum has stabilized over the past two days above $2400

Ethereum has stabilized over the past two days above $2400

Yesterday’s and today’s Ethereum price movement takes place in the $2425-$2550 range. 

Ethereum chart analysis

Yesterday’s and today’s Ethereum price movement takes place in the $2425-$2550 range. We recovered from Monday’s decline but fell into a sideways consolidation that slowed further progress to the bullish side. The EMA 50 moving average, which is creating additional pressure around the upper level, is a key factor in our analysis. We are not discounting the option for further recovery, but we need a stronger bullish impulse to trigger the dormant Ethereum price.

By crossing above the EMA 50 moving average, the momentum for further continuation to the bullish side is strengthened. By jumping above $2600, we will create a new daily high and thus establish a bullish option path. In the $27,000 zone, the price will test the weekly open price, and crossing above it would return to the positive side. This would wipe out the loss made on Monday.

Do we have the strength to deal with this consolidation and start further recovery?

After that, we are hopeful for a return to the bullish trend and further growth of Ethereum. Potential higher targets are the $2800 and $2900 levels. In the $2800 zone, we will test the EMA 200 moving average. For a bearish option, the price would have to retreat to the $2400 level. Failure to move above the EMA 50 moving average will increase price pressure, triggering a bearish consolidation.

A dip below the $2400 mark would establish a new daily low, signaling a potential break in the bearish momentum. This could pave the way for a further decline and testing of lower levels. The $2300 and $2200 levels are potential targets in this scenario. For now, we stick to the bullish option.

 

The post Ethereum has stabilized over the past two days above $2400 appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Latest News, And Articles.



    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    The energy revolution is here to stay, and electric vehicles (EVs) have become part of the mainstream narrative. Despite geopolitical tensions and uncertainty, the...

    Editor's Pick

    Overview Mexico’s Sinaloa state hosts a number of prolific silver and gold mines, including McEwen Mining’s (TSX:MUX) El Gallo Complex, Americas Gold and Silver’s...

    Editor's Pick

    Uranium is an important energy sector commodity, and its rising value has attracted investor interest. 2023 has seen uranium prices solidly above the important...

    Investing

    A new survey shows that the presidential race between former President Donald Trump and President Biden is thin, but Biden faces a deficit in...

    Disclaimer: smartsuccessstrategy.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 smartsuccessstrategy.com