Ethereum Holds $4,000 and the Trendline
Ethereum has been pulling back since mid-November, potentially creating opportunities for traders.
The first pattern on today’s chart is the trendline starting on July 20 and running along the lows of late September. Notice how ETHUSD initially tested that line on Thursday and held it again this week.
Next is the price zone around $4,000. Aside from being a “nice round number,” this was important as a peak in early September. It then served as breakout zone in late October, as noted at the time.
Third, you have the rising 50-day simple moving average (SMA). While this isn’t always the most important indicator for cryptos, its confluence with the trendline and horizontal line is noteworthy.
Finally, notice how stochastics recently dipped to an oversold condition.
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The first pattern on today’s chart is the trendline starting on July 20 and running along the lows of late September. Notice how ETHUSD initially tested that line on Thursday and held it again this week.
Next is the price zone around $4,000. Aside from being a “nice round number,” this was important as a peak in early September. It then served as breakout zone in late October, as noted at the time.
Third, you have the rising 50-day simple moving average (SMA). While this isn’t always the most important indicator for cryptos, its confluence with the trendline and horizontal line is noteworthy.
Finally, notice how stochastics recently dipped to an oversold condition.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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