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05.01.202214:02 Forex Analysis & Reviews: Ethereum provides another sign of weakness.

Ethereum is under pressure trading below $3,800. Price bounced towards $3,900 but got rejected at key technical trend line and at the tenkan-sen indicator. Price is vulnerable to a move lower towards $3,500.

Exchange Rates 05.01.2022 analysis

Blue line- support trend line (broken)

Red line -resistance trend line

Price is below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The resistance by these two indicators is at $3,820-$3,870. There we also find the red downward sloping resistance trend line. This is important short-term resistance. Price is also below the Kumo (cloud) which is found at $4,150. As long as this is the case, Ethereum will be vulnerable to a move towards $3,500 and lower. Yesterday price got rejected at the tenkan-sen. Bulls need to break above the tenkan-sen and kijun-sen indicators in order to provide a first reversal signal.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2022
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