REDATOR Ben Graham Posted January 16 REDATOR Report Share Posted January 16 ETH/USD is trading around 3,302, retreating after reaching a high of around 3,400. This level coincided with the top of the uptrend channel. Since Ether encountered strong resistance in that area, we are seeing consolidation above 3,250.On the H4 chart, we can see that a pattern called a pennant has formed. A sharp break above the 21 SMA located at 3,262 is likely to occur, and we could expect ETH to reach 3/8 Murray around 3,437.If the downward pressure prevails and the price consolidates below 3,262, we could expect a drop towards the support of the uptrend channel located at 3,180. It could finally find strong support at the levels that coincide with 2/8 Murray and the 200 EMA around 3,125.The Eagle indicator is showing a positive signal, so it is likely that ETH will continue to rise in the coming days, and any pullback will be seen as an opportunity to open long positions with a target at 3,437 and even reach the psychological level of 3,500.Our trading plan for the next few hours is to buy ETH/USD in the event of a technical rebound around 3,260 with targets at 3,350 and 3,437.The material has been provided by InstaForex Company - www.instaforex.com Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Liked! × 💬 Did you like this content? Your feedback is very important! Liked! Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.