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.
Senior Market Specialist
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.
With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.