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MENAFN- Daily Forex)
- On Friday we have seen the Ethereum market drop a bit, as we continue to hang around just below the $2000 level.
- That being said, Ethereum continues to struggle overall, as we have seen a lot of negativity out there in various financial markets.
- Needless to say, this is a market that has been very beaten up, and with that being the case, I think it's going to take quite a bit to get this market moving to the upside.
- However, if we were to break above the high of both Wednesday and Thursday, then I think this is a market that could really start to take off to the upside.
Technical Analysis
There's absolutely nothing on this chart that suggests anything other than a very negative market for Ethereum at the moment. However, if you are a longer-term trader, you will be watching this $2000 region very closely as it is a large, round, psychologically significant figure, and an area that has been important more than once. It's also worth noting that recently we saw a huge spike in volume on the way down, and now things are starting to show signs of stability in this general vicinity.
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If markets were to break above the highs of the week, then it's possible that Ethereum could go looking to the $2200 level initially, and then after that we could go looking to the 50 Day EMA, which is sitting right around the $2400 level as well. On the other hand, if we were to turn around and break down below the $1800 level, then you could see Ethereum really break down at that point, perhaps reaching down to the $1500 level. In general, this is a market that is negative, but longer-term traders are looking at this as a potential buying opportunity.
By dollar cost averaging in this market, traders have the ability to pick up Ethereum“on the cheap.” I think a lot of traders are probably doing that right now, but let's be honest, the Ethereum market needs Bitcoin to take off to the upside in order for it to follow its lead.
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