- Nov 16, 2021
Cryptocurrencies Market update by Solid ECN Securities
ETHUSD, growth within the overall market trend
This week, the ETHUSD pair resumed growth as part of the general market trend.
The token managed to win back all the losses of the last week, and currently, the price is testing the level of 2930. Investors are again starting to show interest in risky assets after the destabilization of the market situation caused by the start of a military confrontation in Ukraine. Some experts believe that the sanctions imposed by the EU and the US against the Russian banking system, in particular, disconnection from the SWIFT payment system, can play a positive role for the cryptocurrency sector. There is a possibility that financial structures will use crypto assets to bypass the imposed restrictions, and the state may launch a digital ruble, which will strengthen the position of the entire sector.
Support and resistance
Technically, the price rose above the middle line of Bollinger bands, which allows it to develop an upward momentum after the consolidation above 2930. In this case, quotes can rise to 3125 and 3300. The key "bearish" level is $2500. Its breakdown allows a decline to 2187.
Technical indicators do not give a single signal.
Bollinger bands are directed downwards, Stochastic reverses downwards near the overbought zone, but the MACD histogram decreases in the negative zone. In general, in the current conditions, the resumption of the decline in quotations looks preferable.
Resistance levels: 2930, 3125, 3300
Support levels: 2500, 2187.5, 1875.