Ethereum is sitting on an important support level. Will it hold?
This is a 1D analysis for ETHUSDT and it looks pretty bearish. Ethereum is sitting on an important support level, and if it doesn't hold it, it might go as low as $1400 which has acted as a support level previously.
I am using EMA50 and EMA200 which are two most popular EMA's to spot Golden Cross or a Death Cross.
What is a Golden Cross and Death Cross ?
Whenever EMA50 crosses over EMA200, it is called a golden cross and is considered a good buying opportunity. On the other hand, if EMA50 crosses down EMA200, it is called a death cross and is considered bearish and a good selling place, or shorting opportunity or a good place to take profits.
Right now EMA50 is coming very close to EMA200 and if EMA50 crosses down EMA200, this might go more lower and support 1 might hold or not.
On the other hand, if immediate support holds well, it might see an upward move towards the resistance to break.
The area between immediate support and support 1 could also act as a good accumulation zone because that's where the last upward move was from.
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Happy Trading
I am using EMA50 and EMA200 which are two most popular EMA's to spot Golden Cross or a Death Cross.
What is a Golden Cross and Death Cross ?
Whenever EMA50 crosses over EMA200, it is called a golden cross and is considered a good buying opportunity. On the other hand, if EMA50 crosses down EMA200, it is called a death cross and is considered bearish and a good selling place, or shorting opportunity or a good place to take profits.
Right now EMA50 is coming very close to EMA200 and if EMA50 crosses down EMA200, this might go more lower and support 1 might hold or not.
On the other hand, if immediate support holds well, it might see an upward move towards the resistance to break.
The area between immediate support and support 1 could also act as a good accumulation zone because that's where the last upward move was from.
For more trading ideas follow us. Visit Tuned to learn algorithmic trading. Design your trading strategies in our terminal and paper trade, backtest and live trade on your favourite crypto trading exchanges.
Happy Trading