Ethereum Consolidates After Monday’s Jump
ETH/USD Analysis
Major Cryptocurrencies made a solid start to the week, with BTC/USD covering its 2022 losses, while Ethereum blew past key technical levels on Monday, entering its third straight positive week.
It has moved above the daily Ichimoku Cloud and the 38.2% Fibonacci of its decline from November's record highs to this year's lows and now eyes the 50% mark (3,513). Daily closes above this level would allow it to move towards this year's high (3,895), but it may be early for moves beyond it.
ETH/USD is soft today and the Relative Strength Index (RSI) is in oversold territory, which create risk for pressure back towards 3,193. A larger decline towards key 2,966-10 however, would require a catalyst and closes below the EMA200 (black line) are needed to stop the upward momentum.
Nikos Tzabouras
Senior Financial Editorial Writer
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. With extensive experience in market analysis and a strong foundation in international relations, he brings a unique perspective to financial markets. Nikos emphasizes not only technical analysis but also on fundamentals and the growing influence of geopolitics on financial trends.
As a Senior Financial Editorial Writer, he delivers comprehensive and forward-looking insights across a wide range of asset classes, including equities, commodities, and currencies. His work explores how macroeconomic events, political developments, and global policies impact market dynamics, providing readers with a deeper understanding of both short-term movements and long-term trends.
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