Ethereum ETH Action Gap Yellow Orange

Ethereum’s bounce from $1550 encourages buyers, but is it a trap?

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Ethereum prices saw a rejection at the $1715 level and the trend has been bearish since then.

However, the asset has traded within a range since mid-January. Could ETH descend to $1500 from here?How much are 1, 10, and 100 Ethereum worth today?A recent report highlighted that Ethereum exchange supplies had fallen, which suggested selling pressure might not spike.

On the other hand, the price action showed that the lower timeframe was bearish. How much lower will the prices go?Source: ETH/UDST on TradingViewThe aforementioned range was highlighted in yellow.

It extended from $1505 to $1708, with the mid-range at $1606. All three levels have been significant in the past six weeks. In particular, the mid-range was respected multiple times, which underlined the credibility of the range.On 22 February the market structure flipped to bearish and was marked in orange.

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