ETH/USD Forecast Todsy 29/04: Threatens 50 Day EMA (Chart)

2025-04-29 02:22:41

(MENAFN- Daily Forex)

During the trading session on Monday, we have seen Ethereum attempt to try to break above the 50 Day EMA, which is an indicator that a lot of people will be paying close attention to.
With that being said, it's not a huge surprise to see that the market has pulled back a little bit, but we are still in the process of trying to find some type of bottoming.
The bottoming process is not something that happens immediately, at least not without some type of massive headline, so at this point in time I think it makes a lot of sense that we still see a bit of hesitation.

Technical Analysis

The technical analysis for Ethereum is somewhat negative, but ultimately, I think the market is likely to continue to see quite a bit of noise in this area. After all, the $2000 level is just above the 50 Day EMA, and of course we also have the $1500 level below, which did act as a bit of a floor for the market. Ultimately, I think this is a market that still trying to find the bottoming pattern. A bottoming pattern for a market that has been sold off the way this one has is quite often a messy affair, and I believe that's what you are seeing here.

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Volume is starting to spike here and there, and eventually it may become a little bit more sustained. That's exactly what this market needs, sustained of volume, as there has been a serious lack of confidence when it comes to Ethereum, especially as risk appetite in general has been horrible recently. I think given enough time, the market will continue to go higher, but in the short term it looks a lot like a market that will be one where buyers are coming in and picking up little bits and pieces in order to build up a larger position. That is essentially how Bitcoin acted for a while, and this is starting to mimic that.

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