Ethereum: Technical Analysis For Traders And Investors

Ethereum continued to abide by the technical analysis as discussed last week. It started the week below the pivot line. This meant Ethereum was bearish. Sure enough, it fell to $2,150 before bouncing slightly.

The culprit of a weak crypto market continues to be risk-off in other assets. The stock market had one of its worst weeks in years. The NASDAQ fell over 5% on the week.

While Ethereum continues below the pivot line, it is approaching its next MAJOR support level. Per technical analysis, Ethereum has major support at the $2,000 to $1,900 level. There are multiple trend lines converging in this area which will likely serve to help stabilize price.

However, ultimately to regain a strong bullish bias, Ethereum still needs to recapture and confirm above the $2,800 pivot line.

Verified Investing is here to help investors understand the probable coming price moves in stocks, crypto and commodities. There are no narratives here, no hype, no bs. Just pure technical analysis which gives probability. Verified Investing fights for investors by revealing the institutional methods for successful trading and investing.