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Cryptocurrencies Market Update ➡️ Solid ECN
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[QUOTE="SOLIDECN, post: 212053, member: 80239"] [HEADING=1][JUSTIFY]ETHUSD - Decline may continue[/JUSTIFY][/HEADING] [JUSTIFY]According to analysts, the fall of the second world cryptocurrency was caused by a serious decline in BTC, which pulled down all the major altcoins. It is likely that soon the trading instrument will remain in a state of uncertainty since two opposite factors will influence it. On the one hand, investors are waiting for the speech of the head of the US Federal Reserve, Jerome Powell, who may announce a further tightening of monetary policy or even hint at an increase in the rate of increase in the interest rate since the current inflation rate in the US, despite the rebound to 8.5%, is still very high. In this case, the US currency will receive additional support and strengthen its position against its main competitors. On the other hand, a further decline in quotes is hindered by the expectation of the transition of the Ethereum network to the Proof-of-Stake (PoS) proof algorithm. Now the developers are actively engaged in ensuring the security of smart contracts, and the update should take place on September 15 or 16. However, the negative impact of monetary factors is still more serious than the upcoming upgrade of the Ethereum blockchain. [img]https://i.ibb.co/XzHNHsd/eth.png[/img] During the last few sessions, the trading instrument formed a sideways channel 1625–1520 (Fibonacci retracement 23.6%, Murrey [4/8]). The breakdown of the lower border of the channel and 1500 (Murrey [4/8]) will give the prospect of further decline to 1375 (Murrey [3/8]), 1250 (Murrey [2/8]). The key “bullish” level is 1750 (Murrey [6/8]), the middle line of Bollinger bands), which breakout will give the prospect of further growth to 1895 (Fibonacci correction 38.2%, Murrey [7/8]), 2030 (area of August highs). Technical indicators do not give a single signal, demonstrating market uncertainty: Bollinger bands are horizontal, the MACD histogram is preparing to move into the negative zone, and Stochastic may leave the oversold zone. [B]Resistance levels[/B]: 1750, 1895, 2030 | [B]Support levels[/B]: 1500, 1375, 1250[/JUSTIFY] [/QUOTE]
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