ETH/USD - sharp correction
The price of ETH has dropped sharply today from its record high above 2000 USD. The market has retraced back from the top by about 30 percent which might be a typical correction from time to time on this market.
From the technical point of view the drop has ended at the potential support set by the previous top at 1487 USD and at the line drawn through the bottoms. The line is also a lower limit within the key upward channel.
If it is defended we may expect the trend continuation within the channel.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
From the technical point of view the drop has ended at the potential support set by the previous top at 1487 USD and at the line drawn through the bottoms. The line is also a lower limit within the key upward channel.
If it is defended we may expect the trend continuation within the channel.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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