Ethereum Paddles Within Range Boundaries
By
Azeez Mustapha
PUBLISHED:
08 Oct 2024 @ 02:09
|
Comments (0)
|
More info about Azeez Mustapha
Ethereum’s price is currently oscillating within a defined range on the daily chart, marking a shift from its prior downward trend into a consolidation phase. This range is set by two primary zones: resistance at the $2,814.0 supply level and support at the $2,309.0 demand level. Notably, the resistance zone emerged after a prior demand zone at $2,814.0 was broken on August 4, subsequently transforming into a resistance level.
©
Reversals at these key supply and demand zones have consistently been preceded by double tops or double bottoms chart patterns, highlighting potential turning points. These patterns serve as confirmations for potential trade reversals, offering valuable insights for range-bound trading strategies.
Ethereum Key Levels
- Demand Zones: $2,505.0, $1,550.0, $1,055.0
- Supply Zones: $2,814.0, $3,086.0, $4,000.0
Indicator Insights
Ethereum’s current daily candles have risen above the 9-period Moving Average, signaling a short-term shift in momentum to the upside. This move aligns with the Stochastic oscillator’s oversold signal on October 4, which hinted at potential upward pressure. Now approaching the upper resistance, Ethereum’s price trajectory suggests a retest of the supply zone, reinforcing its current range-bound behavior on the daily chart. Traders may watch for further signs of resistance like the double top pattern at these levels to gauge whether the consolidation will persist or break.
Learn from market wizards: Books to take your trading to the next level
CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).
This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.
Trade like a pro: Leverage real-time discussions and market-moving ideas to outperform.
Hot Features
Premium
