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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Ethereum (ETH/USD) is trading around $1,928, showing signs of exhaustion in its upward momentum. We expect a technical correction toward the SMA at $1,892 in the coming hours. This area is important because a technical rebound could occur there. Since it's late in the day, we must remain vigilant, as we are technically observing a second uptrend channel.
Given that the Eagle indicator is showing a positive signal, it is expected that, in the coming hours following a technical correction, ETH could resume its uptrend and reach the psychological target of $2,000, which coincides with the 4/8 Murray level and also with the upper band of the uptrend channel.
Conversely, if ETH falls below the 3/8 Murray level, the outlook could turn negative, and we might expect it to reach the lower band of the uptrend channel around $1,818, or it could find strong support around the 200 EMA at $1,800.
With a break and drop below the 2/8 Murray level around $1,750, Ethereum could return to the psychological level of $1,500; for this to happen, we would need to see the price consolidate below the 200 EMA and below the 2/8 Murray level.
Our outlook for Ethereum remains bullish for the coming days. We should monitor the support levels around the 3/8 Murray line or around the 200 EMA to open long positions with a target at the psychological level of $2,000.
*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.
