Witnesses Price Convergences – May 24
Ethereum market witnesses price convergences under the $2,500 level after a long downward-moving manner that recently surfaced in the crypto trading space. The ETH/USD market now trades around the value of $2,298 at a rate of 9.49% increase.
Witnesses Price Convergences: ETH Market
Resistance levels: $2,500, $3,000, $3,500
Support levels: $1,500, $1,300, $1,100
ETH/USD – Daily Chart
The ETH/USD daily trading chart depicts that the crypto market witnesses price convergences below the level of the $2,500 market level. During yesterday’s session, price pushed more southwardly ever since the start of the current sell-off to average the immediate support level. Today’s session presently sees a rallying movement a bit over the level of $2,000. The 14-day SMA trend-line is above the 50-day SMA with a slight-bending posture towards the south. The Stochastic Oscillators are in the oversold region with conjoined hairs to consolidate within it. That simply signifies that Ethereum isn’t yet far from being pushed again southwardly by the US fiat currency.
Will ETH/USD witness price convergences more?
The Ethereum market price against the US Dollar appears to still potentially witness price convergences mostly around the level of $2,500 in the near sessions. As the crypto’s value got a downswing in the crypto-market underneath the bigger SMA indicator to now make a pull-up toward the point earlier mentioned shows that the ETH/USD bulls are in top form struggling to make a notable rebounding in the near time.
Regarding the downside of this crypto economy, the market line at $2,500 will be highly instrumental in the determination of a definite direction of the market especially as it has come to be the key area of price convergences. A pull-up for reversal moves will suffice to signify a sell entry at that level. Meanwhile, a sudden forceful break out of the will most likely be to nullify that sentiment in no time.
ETH/BTC Price Analysis
There has continued to be pressure on the base trading instrument by the counter tool until now as shown on the ETH/USD price chart. However, it appears that very soon there may be a less-active motion between the two paring cryptos for a while. However, if such a move is prolonged, there will also be a tendency that the market line may hover around the smaller SMA indicator to cause an indecision situation between the instruments. The 50-day SMA indicator is underneath the 14-day SMA trend-line with the bullish trend-line placed in between them. The Stochastic Oscillator are in the oversold region very lightly bent towards the south with conjoined hairs to indicate the possibility of witnessing price convergences at a lower bullish trend zone of Ethereum and Bitcoin on the scale of comparison.
Remember, all trading carries risk. Past performance is no guarantee of future results.