ETHEREUM is the second cryptocurrrency for capitalization and its importance is equal to BITCOIN, so an analysis of this crypto is crucial to understand what is happening and what has happened to cryptomarket in recent weeks:
So we're inside an accumulation zone, but the future is uncertain.
- 50-period Moving Average seems to be a really strong support to ETHUSD price (point 2 and 4)
- 1000 is a very psychological level for traders (price fell down to 740 before retracing up creating a really long tail on 17 jan candle)
- 1145 is an another good level and it seems to be the most important level to watch to determine if ETHUSD will be bullish in the medium term
- Volumes are low, so a bullish confirmation will arrive (if it arrives) with an huge volume increase.
So we're inside an accumulation zone, but the future is uncertain.
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4h chart
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