Market Continues to Rally– January 30
A line of recordings of variant downward-moving motions in the ETH/USD trading activities about several days back has occurred. The crypto market rallies northwardly on a lighter note, maintaining a minute positive percentage of 0.41. As of writing, the market’s trading is between the high and low of $2,638 and $2,565.
Market Continues to Rally: ETH Market
Key Levels:
Resistance levels: $2,750, $3,000, $3,250
Support levels: $2,250, $2,000, $1,750
ETH/USD – Daily Chart
The ETH/USD daily chart exhibits the crypto-economic market rallies northwardly from a lower point beneath $2,500 over a couple of sessions. The 50-day SMA indicator is above the 14-day SMA indicator. And they are over the current trading spot of the crypto economy. The bearish channel trend lines drew downward to ascertain the rate price rallies from the lower trading zone. The Stochastic Oscillators are swerving northbound toward the range of 80. That signifies a slow-and-steady upward force is prevailing in the market condition presently.
Will the ETH/USD trade push higher as the crypto market rallies northwardly?
It appears that traders may be finding riding alongside the ETH/USD trade uneasy to higher levels as the crypto-economic market rallies northwardly. However, long-position takers of the crypto business still needed to hold stronger in their chances to push the price upward to test or visit resistances around $2,750 or $3,000 in an extension. The longing of positions at this point may not technically be ideal as the pressures to the upside are reducing on a gradual process.
On the downside of the technical analysis, the ETH/USD market short-position takers have to be vigilant by spotting a reversal of upward forces from around or toward the 14-day SMA trend line to decide on taking of sell orders. Some barriers have been piling up against surging past the levels of $2,750 or $3,000 in the long run.
ETH/BTC Price Analysis
In comparison, Ethereum’s pushing outlook against Bitcoin is still underneath the trend lines of SMAs. Presently, the cryptocurrency pair market rallies toward a lower high trading spot underneath the indicators. The 14-day SMA trend line has intercepted the 50-day SMA trend line from the top. The Stochastic Oscillators have swerved northbound, pointing to the north side. That signifies the base crypto is on a recovery moving motion against its flagship counter crypto. However, the pair’s strength to the upside may soon be losing momentums.
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