Ethereum Continues to Threaten Resistance Forex Crypto Trading ETH USD
It’s worth noting that we are in the beginning area of a major resistance barrier that starts at the $1800 level and extends all the way to the $2000 level.AdvertisementWhether or not “The merge” comes through without a hitch is a completely different question, but as things stand right now, it looks like the market is willing to believe that.
Breaking above the $2000 level brings into focus the 200 Day EMA, which is at roughly $2250 and diving lower. I think that will be difficult to get through, and it’s more likely than not that we will eventually get some type of pullback that we can focus on. Currently, it looks like we are in more of a grinding phase than anything else.
That being said, we are still in a very tenuous situation with inflation running over three times with the Federal Reserve likes. In other words,I’m not necessarily calling for some type of meltdown, just that we still have a lot of downside risks., currently near the $1350 region and curling higher, could offer a little bit of dynamic support. It’s also very possible that we could see the $1500 level offer a bit of support as well.
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