The price of ETH after a strong rally has retraced back to the first important support located at 489 USD. At this level, we may spot a previous top which was a local resistance and currently it may be the key support.
What is more, near this level the upward limit of the expanding wedge is located. Previously the price broke it so currently it may be also an important support level.
In the longer-term potential target could be set by the double bottom price target from the weekly chart at 644 USD.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
What is more, near this level the upward limit of the expanding wedge is located. Previously the price broke it so currently it may be also an important support level.
In the longer-term potential target could be set by the double bottom price target from the weekly chart at 644 USD.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.