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!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
Ethereum (ETH/USD) is trading around $1,814 with a bullish bias extending a rebound over the weekend above $1,650.
Ethereum could continue its rise over the coming hours, reaching the upper band of the uptrend channel around $1,860.
Following a consolidation above the 61.8% Fibonacci level and a recovery above the 1/8 Murray line, ETH gained bullish momentum. Over the past 24 hours, we saw a strong technical rebound, so the instrument is likely to resume its main downtrend in the coming days.
If ETH reaches the upper band of the uptrend channel around $1,860, or if bullish momentum prevails, ETH could reach the 200 EMA around $1,891 and the 3/8 Murray level around $1,875. If Ethereum approaches these levels, we could expect a strong technical correction to occur in this zone and a return to the 2/8 Murray levels around $1,750.
In case Ethereum loses its upward momentum from the $1,814 level, we could expect a technical correction toward the 2/8 Murray level at $1,750. Therefore, we could look for selling opportunities in the coming hours with targets at $1,750 and around the 21 SMA at $1,690.
The recovery in ETH/USD could encourage bears to take short positions, and we expect the price to return to the psychological level of $1,500 in the coming weeks.
The Eagle indicator has reached overbought levels. So, below $1,814, the market will likely undergo a technical correction in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
