Ethereum accumulating for another bullish cycle or not ?
After the recent market correction, Ethereum is looking to accumulate further holding the immediate support level. If it holds this support, it might move up towards immediate resistance level, and could keep moving up to break the next resistance at $3500.
Bollinger Bands are showing a squeeze, which means an advance or a decline is possible. If the price is unable to hold the immediate support level, it might see a downward move towards $2250. As MACD line has crossed down the signal line it also shows a short term bearish signal.
The area between Immediate support and resistance could also be seen as a good accumulation zone for the next move upwards.
A good buying volume is needed for the asset to continue the uptrend.
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Bollinger Bands are showing a squeeze, which means an advance or a decline is possible. If the price is unable to hold the immediate support level, it might see a downward move towards $2250. As MACD line has crossed down the signal line it also shows a short term bearish signal.
The area between Immediate support and resistance could also be seen as a good accumulation zone for the next move upwards.
A good buying volume is needed for the asset to continue the uptrend.
For more trading ideas follow us.
Happy Trading