Connect with us

Hi, what are you looking for?

Stock

Ethereum manages to recover on Tuesday with support

EThereum positive moments

Ethereum manages to recover on Tuesday with support at $2600

  • Last night, Ethereum’s price fell to $2576 at a new weekly low

Ethereum chart analysis

Last night, Ethereum’s price fell to $2576 at a new weekly low. After that, we quickly bounced back above $2600, but this morning, we had another pullback to yesterday’s low. We managed to stay above this and start a bullish consolidation above the $2620 level. Consolidation continued up to the $2657 weekly open level. For now, we are encountering resistance in that zone and taking a step back to $2650.

Despite the recent pullback, there’s a possibility of a short-lived bearish phase before Ethereum resumes its bullish consolidation above the weekly open level. A return to the positive side could see Ethereum recovering from yesterday’s losses and aiming for higher targets at the $2680 and $2700 levels.

Ethereum chart analysis

The price has recovered to the weekly open level but is losing momentum to continue above

For a bearish option, we need to stay below the weekly open level. This is a crucial point that traders should be alert to. That move will increase the bearish pressure on the price of Ethereum to move back down to the 200 EMA and $2620. At that level, the price will try to hold, and we need a break below to continue on the bearish side. Potential lower targets are the $2600 and $2580 levels. Another important level is last week’s low at $2555.

Ethereum’s five-week slide has been reversed, with inflows into ETH-based products jumping to $87 million over the previous week. This jump was likely driven by expectations of loose monetary policy in the US and the resulting positive price momentum. Other major central banks announced that they could reduce interest rates and free up new investments in the crypto market.

The post Ethereum manages to recover on Tuesday with support appeared first on FinanceBrokerage.

You May Also Like

Investing

Fisker (NYSE: FSR) stock price has been one of the best-performing electric vehicle (EV) stocks this week even as Tesla slumped. The shares jumped...

Investing

Newmont (NYSE: NEM) reported mixed financial results even as the price of gold approached its all-time high. In all, the company’s earnings per share...

Investing

The Fox Corporation (NASDAQ: FOX) stock price has been under pressure as investors come to terms with the abrupt firing of Tucker Carlson. The...

Investing

NatWest (LON: NWG) share price rose sharply, helped by the strong results from Barclays. The stock jumped to a high of 274.8p, which was...




Disclaimer: Oldamericanbroker.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 Oldamericanbroker.com