Market Hits a Resistance Below $3,500 – February 17
It currently occurred that the ETH/USD market hits a resistance below the $3,500 line. The crypto economy keeps the operations between the high and the low of $3,162 and $2,878 at a percentage of 7.39 negatives.
Market Hits a Resistance Below $3,500: ETH Market
Key Levels:
Resistance levels: $3,250, $3,500, $3,750
Support levels: $2,500, $2,250, $2,000
ETH/USD – Daily Chart
The ETH/USD daily chart shows the crypto market hits a resistance below $3,500 as a bearish candlestick is in the making, breaking the trend line of the smaller SMA to the south side. The 50-day SMA indicator is above the 14-day SMA indicator. The Stochastic Oscillators are attempting to cross their lines back southbound around the range of 50. That suggests that falling forces are imminent. The lower bearish channel trend line drew southward to touch the maximal support level that price may push, placing the current falling trend on a higher note afterward.
Has it been re-affirmed that the ETH/USD trade has to fall more as the crypto market hits a resistance below $3,500?
The ETH/USD trade has re-affirmed the potency of falling more as the crypto market hits a resistance below $3,500. The upper bearish channel trend line and the 50-day SMA indicator have stood firm to give an insight into where price may lose upward momentums after exhaustion. From the look of the present psychological trading situation, it would be a while before a decent buy entry can re-surface. Therefore, the need to suspend further buying orders for a while.
On the downside of the technical analysis, the ETH/USD market short-position takers may now ride on the current falling force as long as it is devoid of total rebounding motion in the near time. The downward trending motion appears to have resumed systemically. And if the situation gets heightened, the previous lower level may revisit. A sudden breakdown of the value-line to the south side may not occur to hold for a long-term run.
ETH/BTC Price Analysis
In comparison, Ethereum’s trending capacity as placed with Bitcoin’s appears to lose its stances again at a higher trading spot. The 50-day SMA indicator is above the 14-day SMA indicator. A bearish candlestick is in the making against the trend line of the smaller SMA. The Stochastic Oscillators have moved northbound to now seemingly, trying to close their lines closely beneath the range of 80. That signifies the tendency that the flagship counter crypto may push against its base in another round of forthcoming sessions.
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