25.02.202217:27 Forex Analysis & Reviews: Ethereum challenges cloud resistance once again.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Ethereum price is bouncing higher after making a low around $2,300. The January low remains intact. However price remains below the Ichimoku cloud in the Daily chart, thus trend according to this indicator remains bearish.

Ethereum is trading below the Kumo (cloud) and below both the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator). Both indicators provide resistance at $2,730 and $2,790 respectively. A rejection at current levels will push price back towards today lows or even lower. There are hopes of a reversal but we have no such a signal. First signal would be for price to enter the cloud and break above the kijun-sen.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade