02.01.202200:13 Forex Analysis & Reviews: Technical analysis of ETH/USD for January 01, 2022.

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ETH/USD - Ethereum US Dollar Crypto Chart

Technical market outlook of Ethereum (cryptocurrency) :

Trading Ethereum (ETH/USD) :

Ethereum is at an all-time lowest against the dollar around the spot of $ 3,577 - $ 3,600 - Ethereum is inside in downward channel.

Since three weeks ETH/USD decreased within an down channel, for that Ethereum hits new lowest $ 3,577 and $ 3,600.

Consequently, the first support is set at the level of $ 3,600. Hence, the market is likely to show signs of a bullish trend around the area of $ 3,577 and $ 3,600.

Ethereum price could be awaiting a major upswing if the digital savings manages to slice above a fatal line of the first resistance that sets at the price of $ 3,795 (Horizontal blue line).

The prevailing chart pattern suggests that if the leading cryptocurrency could be expecting to rebound from the levels of $ 3,463 and $ 3,577.

Moreover, if the ETH/USD fails to break through the support prices of $ 3,463 and $ 3,577 today, the market will rise further to $ 3,795 so as to try to break it.

Ethereum is one the best overall investment for 2022. However, if you want to try to improve the growth of Ethereum, thus it seems great to buy above the last bearish waves of $ 3,463 and $ 3,577.

Buy orders are recommended above the majors sypport rates of ($ 3,463 or $ 3,577) with the first target at the level of $ 3795.

Furthermore, if the trend is able to breakout through the first resistance level of $ 3795. We should see the pair climbing towards the next target of $ 3,860 (to test the 50% of Fibonacci retracement levels).

The pair will move upwards continuing the development of the bullish trend to the level $ 3,930 - golden ratio 61.8%. It might be noted that the level of $ 4,148 is a good place to take profit because it will form a new double top in coming hours.

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Please contact me if you have any questions or comments - I'd be delighted to hear from you.

With kind regards,

Mourad EL KEDDANI

mourad.elkeddani@analytics.instaforex.com

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