The ETH/USD has plunged recently below 1000 USD. However, the bulls appeared on this market and even with huge volume and downward pressure they were able to lift the market. As a consequence, the price surged to the first potential resistance at 1147 USD and once again seems to be falling.
From the technical point of view current downward movement may be considered as a right shoulder within an inverted head and shoulders pattern. Potential support could be set by the low of the potential left shoulder at 1000 USD. At 1147 USD the neckline may be drawn and if it is broken we may expect another rally to 1389 USD where the textbook target is located.
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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 current downward movement may be considered as a right shoulder within an inverted head and shoulders pattern. Potential support could be set by the low of the potential left shoulder at 1000 USD. At 1147 USD the neckline may be drawn and if it is broken we may expect another rally to 1389 USD where the textbook target is located.
________
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.
