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MENAFN- Daily Forex)
Ethereum is stabilizing near the $3,000 level as traders look for a floor, with upside dependent on reclaiming the 50-day EMA and broader crypto sentiment. Downside risk remains toward $2,500 if weakness persists.
The Ethereum market initially fell on Tuesday but has turned around to at least show signs of life. At this moment, it looks like Ethereum continues to see the $3,000 level as a bit of a magnet for price. The $3,000 level is a large, round, psychologically significant figure and an area that a lot of people will be watching quite closely because it makes quite a bit of sense from a headline perspective for people to be paying close attention.
With this being said, I look at this market as one that is essentially hanging around and trying to find some type of floor. If we can turn around and break above the 50-day EMA at the $3,261 level, then maybe we have a real shot at jumping to the $3,500 level.
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With this, I think you have a situation where people will continue to perhaps try and watch the rest of the crypto world and see whether or not Ethereum is going to get some type of external pressure to the upside. If we break down from here, and I think that is a very real possibility, the $2,500 level is an area I'd be watching that would be a complete round trip from the surge higher in July, which is something that's not that surprising when it comes to cryptocurrency.
We've seen these massive moves higher and these sell-offs a couple of times. That's the game. You have people holding your bags. Whether or not Ethereum gets any boost probably comes down to Bitcoin more than anything else. And Bitcoin right now doesn't look like it's ready to go anywhere. In other words, we might be in an accumulation or possibly even just a consolidation range for a while. However, if you have a longer-term bullish outlook on Ethereum, you can use these times to your advantage.
Ready to trade ETH/USD? Here's a list of some of the best crypto brokers to check out.
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