(MENAFN- Daily Forex)
- When it comes to crypto, Ethereum has done a little better than many of the other major players, mainly because of “The Merge” happening.
- However, it has lost about 15% since it actually happened, suggesting that we have already priced all of that good news in.
- At this point, cryptocurrency continues to struggle, we should not be a huge surprise at all considering just how poor risk appetite is at the moment.
- Ultimately, I think this is a situation where you have more of a“paid the rally” type of attitude when it comes to crypto, and then by extension Ethereum.
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The 50-Day EMA sits near the $1550 level and is drifting lower. Ultimately, I think it will offer a bit of a“ceiling” in the market, and therefore I would be looking to paid anything that remotely looked like exhaustion in that general vicinity. Beyond that, we also have the $1750 level that could cause some issues, right along with the 200-Day EMA which is close to the $2000 level. In other words, I see a lot of trouble above that could come into the picture and cause major issues. With that being the case, it looks to me like the market is one that will find plenty of trouble over the next several moves.Wait for the Market to Continue Dropping
Underneath, the $1200 level was the beginning of rather significant resistance previously, so I would expect“market memory” to come into the picture, offering a certain amount of support. Looking at the chart, it looks as if there is a lot of support dropping all the way down to the $900 level. If we were to give up that area as support , this is a market that I think could drop all the way down to the $400 level where we took off from.
This is an area that I think would more likely than not attract a lot of attention, and I would certainly be willing to accumulate a huge position of Ethereum for the longer-term investment of anything else. Ultimately, this is a market that I think you will have a huge opportunity and, but you have plenty of time to get involved. Chasing Ethereum is not the way to go anytime soon. Giving the market sometime to continue dropping is probably the best way to go.
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