Ethereum Technical Analysis:-Hello dear traders, we here new so we ask you to support our ideas with your LIKE and COMMENT, also be free to ask any question in the comments, and we will try to answer for all, thank you, guys.
ETH/USDT UPDATE:-
Ethereum (ETH) was marginally trading higher on hump day, as prices of the token moved closer to $1,700.
ETH bulls moved the token closer to this level in today’s session, as prices hit an intraday high of $1,666.68 earlier in the day.
The move comes as ETH/USD continues to move away from last week’s lows, where the cryptocurrency fell to a bottom below its $1,550 floor.
Similar to BTC earlier, ethereum has seen earlier gains reduced, as the 14-day relative strength index (RSI) ran into a hurdle.
This resistance was the 49.50 level on the indicator, which has historically been an area where bears reenter the market.
As of writing, ETH is now trading below today’s high, which comes as the 10-day (red) and 25-day (blue) moving averages have finally crossed downwards.
Some see this as a signal of further upcoming declines, especially if ETH fails to break out of the $1,700 ceiling in coming days.
Remember:-This is not a piece of financial advice. All investment made by me is at my own risk and I am held responsible for my own profit and losses. So, do your own research before investing in this trade.
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