Forex Analysis:Ethereum Prints 253 Taking Out Resistance

Bottom line: Ethereum long term structure continues to remain bullish against 89.00/90.00 …

Bottom line: Ethereum long term structure continues to remain bullish against 89.00/90.00 levels. Bulls have managed to take out initial resistance at 252.00 as expected and might pullback lower, before resuming rally.

Fundamental Outlook:

USDCHF may reel under pressure and drop towards 0.9450 as NFP are expected to print another 8-10 Million. The unemployment rate set to rise to almost 20% will further add to US Dollar woes. Since the past few sessions the US Dollar has been hammered across the board, especially against the EURO, which is now trading close to 1.1350 mark.

Risk sentiment continued to soar high as SPX500 and Dow Jones are barely 10% away from their all-time highs. Investors continue to defy tensions between US and China, which deteriorated further as US blocked Chinese Airlines from American skies. It would be interesting to see if markets can continue rallying despite the factual economic damage caused due to COVID-19 pandemic.

GBPJPY has also managed to rally over 600 pips this week, trading above 138.00 as we write this article. The ongoing UK-EU Brexit talks and Japanese Yen decline as risk sentiment soars, might have played on the GBPJPY exchange rate.

Technical Analysis:

Ethereum bulls have managed to take out resistance at 252.00 this week, falling in-line with expectations. High probability remains for a corrective drop lower towards 152.00, before the rally could resume towards 360.00, going further.

Ethereum has rallied from sub 89.00 lows towards 253.00 carving a series of higher lows and higher highs. A major boundary could be in place and Ethereum might produce a corrective drop lower before rallying further. The fibonacci 0.618 retracement is seen towards 150.00/152.00 mark, and a bullish bounce can be expected if prices manage to reach there.

Traders might have taken profits on the long positions initiated earlier. They might consider to remain flat for a while, allowing Ethereum to retrace lower towards 150.00 levels.

Prepared by

Harsh Japee, Technical Analyst.

 

Ethereum Chart

 


MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!

Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.

Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.

 

MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区,免费跟随高手做交易!

 

免责声明:本文系转载自网络,如有侵犯,请联系我们立即删除,另:本文仅代表作者个人观点,与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实,对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺,请读者仅作参考,并请自行核实相关内容。

著作权归作者所有。
商业转载请联系作者获得授权,非商业转载请注明出处。

本文来自网络,不代表迈投财经立场,转载请注明出处:http://www.myfxtop.cn/analysis/27857.html

为您推荐

联系我们

联系我们

在线咨询: QQ交谈

邮箱: myfxtop@hotmail.com

9:30 - 18:00/Mon-Fri
返回顶部