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MENAFN- Daily Forex) Potential signal:
- I'd be a buyer of Ethereum at $3720 above, with a stop loss at $3590 below.
- I'd be aiming for $3990 level above.
During my daily analysis of the crypto markets, the Ethereum market is one that I've noticed is worth paying attention to, as we reached the $3600 level, only to turn around and show signs of life again. This is an area that has been important more than once, so the fact that we continue to see buyers jump into the market in this area suggests that perhaps we are trying to form some type of new range to hang about. Because of this, the market is likely to continue to see a lot of noise here, but it's also worth noting that the 50 Day EMA is sitting right around the $3500 level just below, so I think it's a bit of a range that we find ourselves in.
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If we break above the top of the candlestick for the trading session on Thursday, then it's possible that the market could go looking to the $4000 level, which is like a ceiling for the market right now. Anything that gets the market stay above there at the end of the day could be a very bullish sign, perhaps opening up a move to the $4400 level. Longer-term, we could be looking at the $4800 level, which is an area that previously had been very important.
However, if we were to break down below the 50 Day EMA, the market could drop down to the $3200 level, and then the 200 Day EMA near the $3000 level. The $3000 level of course is an area that has been important in the past as well, and quite frankly I would love to see Ethereum drop that far so I can pick up“cheap Ethereum.” Anything below there could be a horribly negative turn of events, but I just don't see how that happens in this type of market, as we have seen a lot of momentum into the crypto markets in general. Furthermore, if Bitcoin manages to turn things around, it would almost certainly have a“knock on effect” over here.
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