The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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ETH/USD is trading around 3,243 under a strong bearish trend after trying to surpass the 3,650 zone. Ether has been accumulating losses for 2 consecutive days. We believe that the fall could continue in the coming days.
According to the Fibonacci indicator, from the low of 3,125, Ether reached the high of 3,690, a level that coincided with the 61.8% Fibonacci area. This makes us think that this technical rebound has been an opportunity for the bears to look for sell positions.
If the downtrend prevails, we expect there to be a break below 2/8 Murray which could accelerate the decline, so the token could reach the 200 EMA located at 2,607.
Ether could find a strong bottom around 3,125 (2/8 Murray) or around the psychological level of $3,000. This area could be seen as an opportunity to buy. In case there is a rebound, we could look for buying opportunities with the target at 3,543.
On the contrary, if this level is breached, we could expect a bearish acceleration towards 0/8 Murray located at 2,500 which is the final target of the bears.
Meanwhile, any technical bounce or trading below the 21 SMA located at 3,543 or below the 38.2% Fibonacci at 3,437 will be seen as an opportunity to sell with targets at 3,125 and 2,812.
Since March 8, the eagle indicator has been producing a negative signal. Therefore, the bearish movement is likely to continue in the next few days.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
