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ETHUSD: Analysing the best & worst case scenarios for near term for BITSTAMP:ETHUSD by Mudrex

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Quick glance: ETH has been under selling pressure lately. As of now, it seems to be facing resistance from the BB midline. The trend line on the 4H timeframe has been retested several times. Overall sentiment seems to hint at a probable bullish move.

Market in the last 24hrs

The last 24 hours witnessed a massive selloff. Stop losses were triggered caused prices to drop sharply, and triggered a further panic selling.

Today’s Trend analysis
ETHUSD seems to be facing resistance at the trend line .There are 2 likely scenarios for the short term:

– Quick move towards the $2200 mark.

Sharp decline towards $1700

It is important to closely observe for confirmations before taking an entry right now.

Price volatility remained moderate at approximately 5.1%, with the day’s range between $1884.10 — $1982. 40 .

Price at the time of publishing: $1955.31

ETH’s market cap: $226.44 Billion

  • Out of 11 Oscillator indicators, 9 are neutral, and 2 are bullish .
  • Out of 15 Moving average indicators, 9 are bearish , 5 are bullish and 1 is neutral.
  • Indicator summary is Neutral for ETHUSD .

Volumes have remained low in the past 24 hours.
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The analysis is based on signals from 26 technical indicators, out of which 15 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 4Hr candles.

Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .

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Any feedback and suggestions would help in further improving the analysis! If you find the analysis useful, please like and share our ideas with the community. Keep supporting :)

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