Crypto markets were on the back foot last week, feeling the pressure as governments were looking at the asset as a way around sanctions. Compounding the affect was the U.S. government ordering an executive order looking into crypto assets. Most feared this would result in direct oversight and regulation, which is indeed part of the order, but also looked into the scenario of a digital USD, slightly softening market fears.
We saw this pattern of risk-off and recovery practically across the board, but ETH seems to have the strongest proven levels with the Fib retracement: having broken through the 0.236 level ($2816) moving towards the 0.382 level at $3193.21 which it may test, return to 50% of 3524, and then push upwards again. If ETH manages to break through the 0.382 level after testing it, we may see a run towards testing 0.5 at $3513.72, if that level is broken as well, we may see ETH head towards $3800 with little resistance.
Remember to take advantage of easyMarkets free limit orders on TradingView as the markets are currently characterized by uncertainty and prone to react to news regarding the Russian invasion of Ukraine or unforeseen changes in marcoeconomics.
SUPPORT 1: $2790.65
SUPPORT 2: $2155.62
RESISTANCE 1: $3193.21
RESISTANCE 2: $2513.72
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration
“Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party."
We saw this pattern of risk-off and recovery practically across the board, but ETH seems to have the strongest proven levels with the Fib retracement: having broken through the 0.236 level ($2816) moving towards the 0.382 level at $3193.21 which it may test, return to 50% of 3524, and then push upwards again. If ETH manages to break through the 0.382 level after testing it, we may see a run towards testing 0.5 at $3513.72, if that level is broken as well, we may see ETH head towards $3800 with little resistance.
Remember to take advantage of easyMarkets free limit orders on TradingView as the markets are currently characterized by uncertainty and prone to react to news regarding the Russian invasion of Ukraine or unforeseen changes in marcoeconomics.
SUPPORT 1: $2790.65
SUPPORT 2: $2155.62
RESISTANCE 1: $3193.21
RESISTANCE 2: $2513.72
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration
“Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party."
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