ETH Trades Beneath $3,000 – April 24
Lately, the crypto-economic operations have initially run ups and downs in the form ranging set-up around the $3,000 resistant trading line. But, currently, the ETH market trades beneath the value-line between $2,959 and $2,924 at a minimal positive percentage of 0.45.
ETH Trades Beneath $3,000 : ETH Market
Key Levels:
Resistance levels: $3,000, $3,250, $3,500
Support levels: $2,750, $2,500, $2,250
ETH/USD – Daily Chart
The daily chart showcases ETH market trades beneath $3,000 resistance against the valuation of the US Dollar. The bullish flag pattern is observed in the trading activities over time as the $2,750 could act as the critical support level to the subsequent declining motions. The 14-day SMA and the 50-day SMA trend lines are flat closely over the resistant trading level to signify its solidity. The Stochastic Oscillators are in the oversold region, seemingly trying to close their lines within it.
Will the price stay long, running in a less-active motion as ETH trades underneath the $3,000 resistance level?
The staying long of price in a less-active motion will amount to the expectation that the market is in the process of finding strong support before running a bullish outlook as ETH trades underneath the $3,000 resistance level. Long-position takers have to be on the lookout for any possible spike that can feature from the depth of a lower-trading zone closely above the $2,750 support trading level.
On the downside of the technical analysis, the ETH/USD short-position takers should be wary of a sudden aggressive breakout of the resistant trading point alongside the area where the SMAs are. In the meantime, they may still allow some sell positions opened above the $3,000 resistant trading line to run more for a while. And, it is highly technical to trail the profits or protect to the level of break-even.
ETH/BTC Price Analysis
Ethereum is in a range-bound moving mode, pairing with Bitcoin. The cryptocurrency pair trades beneath the upper bullish trend line. Presently, the price is around the trend line of the smaller-SMA trading indicator. The 50-day SMA trend line is beneath the 14-day SMA trend line. The Stochastic Oscillators are in the oversold region, seemingly attempting to relax at the range of 20. That probably suggests the base crypto may not be pushing northbound with much-needed force to the upside against the counter crypto in the near-term sessions.
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