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MENAFN- Daily Forex) Potential signal:
- Looking at Ethereum, I like the idea of buying it, somewhere near the 50 Day EMA.
- If we can break above there, then the market is likely to go looking to the $3600 level, and I would have a stop loss at the $3390 level.
During my daily analysis of the financial markets, the Ethereum market looks particularly interesting, considering that we are sitting right at the $3300 level, an area that has been very important multiple times, and I think you've got a situation where we are just simply trying to pick up some type of momentum in order to turn things around. That being said though, I think that Ethereum desperately needs Bitcoin to push it higher due to the fact that everything flows through Bitcoin.
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That being said, this is a market that also needs help from the interest rate situation in the United States. After all, the Bitcoin market is highly sensitive to interest rates, as it is considered to be far out on the“risk spectrum.” Because of this, the market continues to see a lot of external pressure, mainly due to Bitcoin, but also due to how it reacts to the risk appetite out there Analysis
The technical analysis for this pair is rather straightforward, as we are sitting at a major support level, and we also have the 50 Day EMA sitting just above. If we can break above the 50 Day EMA, it would be a sign that the market is trying to break up to the higher levels of weed seen previously, perhaps reaching the $3600 level. Breaking above the $3600 level then opens up the possibility of a move to the $3700 level, an area that recently was a swing high.
If we break down below the $3200 level, we are now watching the 200 Day EMA. The 200 Day EMA of course is a very important technical indicator, and of course a lot of what people look at to determine the overall trend. If we were to break down below there, then the $3000 level might offer support, but we would need to see some type of turnaround and the overall attitude of traders in general, which could give some reasoning for Ethereum to things around. As things stand right now, I do think there is an opening here but will have to wait and see whether or not we can find the necessary momentum.
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