ETHUSD (Ethereum) – Week 7 – Correction and then up again
On February 8 ether (ETH) futures went live on the Chicago Mercantile Exchange, the world’s largest derivatives exchange, proving that cryptocurrencies are becoming mainstream in the investment and financial world (if we needed any more proof). Another reason for the current rally is the huge demand for DeFi projects. The total value locked in the DeFi ecosystem has surged to more than $38 billion. This value was less than $1 billion a year before. This is notable because most of the leading DeFi projects are built using the ETH ecosystem.
Technically, we are waiting for a pullback to the low blue trendline and when the price is there, we will look for our buy setups. We should be cautious if the price breaks the 1st support line with a solid close. If that scenario happens, we should expect a bigger correction.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Technically, we are waiting for a pullback to the low blue trendline and when the price is there, we will look for our buy setups. We should be cautious if the price breaks the 1st support line with a solid close. If that scenario happens, we should expect a bigger correction.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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