Solid News

ETHUSD, Technical Analysis

9/6/2022 11:10 AM

 The second largest cryptocurrency by capitalization, ETH, is trading within a correction to the recent significant decline, consolidating around 1644.00.

ETH/USD, H4

The four-hour chart of the asset shows that the downward movement is developing within the framework of a possible Step pattern, where the second and last step has almost completed their formation. According to the implementation theory, in this case, the current global trend will continue, and the key support for the price will be the initial Fibonacci 23.6% correction at 1517.00, the breakdown of which will open the way for quotes to the 1252.00 area.


ETH/USD, D1

On the daily chart, a corrective upward wave is forming, which has recently consolidated below the support line of the local Flag pattern around 1660.00. The key support at the initial correction of 23.6% Fibonacci around 1517.00 has not yet been broken, which allows traders to hope to hold their positions at the current values ​​for some time.

Technical indicators maintain a global sell signal, ignoring the local correction: fast EMAs on the Alligator indicator are below the signal line, and the AO oscillator histogram is in the negative zone.


Resistance levels: 1900.00, 2200.00. | Support levels: 1517.00, 1252.00.



Find Us
First Floor, First St Vincent Bank LTD Building James Street Kingstown St Vincent and the Grenadines
Call Us
+1 415 367 3742


Solid ECN Securities is an international brand formed and authorized in Saint Vincent and the Grenadines with the registration number 1390 LLC 2021 committed to offering the best possible trading experience. Disclosure: Please note that foreign exchange and other leveraged trading involve a significant risk of loss. It is not fit for all investors and you should make sure you realize the risks involved, seeking independent advice if necessary.
Solid ECN Securities and it affiliates don't accept applications from Indonesia, Egypt, Australia, Bonaire, Curaçao, East Timor, Liberia, Saipan, Russia, Sint Eustatius, Tahiti, Turkey, Guinea-Bissau, South Sudan and other restricted countries.
Copyright All Right Reserved 2022 SolidECN.com