Ethereum Sees Volatility Forex Crypto Trading ETH
is sitting just below, right at the top of the previous consolidation area. The 50 Day EMA is an area that will attract a lot of attention, as most traders will look at it as a shorter-term indicator. That being said, it’s also worth noting that Ethereum is in its own world at the moment, as we are starting to try to price in “The Merge” that is supposedly going to happen in September.
If we were to break down below the 50-day EMA, it’s likely that we will reach the $900 level. That’s where things get interesting, because if we can break down below that level, then I believe that Ethereum will start to fall off quite drastically, perhaps plunging to reach the $500 region. Somewhere between $500 and the $400 level below is where I anticipate the longer-term sideways action to happen in a prolonged “crypto market.
On the upside, the $1600 level is an area where we could see a lot of resistance. Breaking above that opens up the possibility of a move to the $1800 level. It’s worth noting that the Wednesday session is going to be important as the Federal Reserve is going to have astatement.
we could see quite a bit of more downward pressure in this market, right along with the rest of the crypto world. However, if the statement after the Federal Reserve meeting is thought of as showing the first cracks in the ice when it comes to tightening monetary policy, that could have crypto turning around, and Ethereum should fall right into that category.
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