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 is trading around $2,029, below the 200 EMA and the 21 SMA, showing a bearish signal after attempting to consolidate above $2,150 during Wednesday's US trading session.
As we mentioned in yesterday's analysis, ETH/USD faces strong resistance below the 3/8 Murray line, which is why it attempted to break above $2,187 but failed. Since then, a sharp technical correction has been observed, and the price could continue to fall in the coming days.
Given that Ethereum is trading below the 200 EMA and below the 21 SMA, this gives us a bearish outlook. If a rebound occurs in the coming hours toward $2,076 or $2,104, it could be seen as an opportunity to continue selling with short-term targets around the lower band of the bearish trend channel at $1,875, which also coincides with the 2/8 Murray line.
If ETH manages to break back above $2,104, we could expect it to consolidate above this zone before opening long positions. However, we should also wait for a decisive break of the downtrend channel; once both conditions are met, we could expect it to reach the 3/8 Murray level around $2,187 and eventually reach the 4/8 Murray level around $2,500.
Given that the outlook for the instrument remains bearish, any pullback in the coming days—and as long as the price trades below the 3/8 Murray line—will be seen as a signal to continue selling, with targets around $1,875; a break below this level could even lead to a drop to the psychological level of $1,500.
*Analiza tržišta koja se ovde nalazi namenjena je boljem razumevanju tržišta i ne pruža instrukcije za vršenje trgovanja.
Uz InstaSpot-ove analitičke preglede uvek ćete biti u toku sa tržišnim trendovima! Klijentima InstaSpot-a su dostupni mnogobrojni besplatni servisi za uspešno trgovanje.
