Baxia Markets
May 20, 2021

Could ETHUSD Find Support At $3,277, Or Not?

technical analysis top header -01


Ethereum started an uptrend in late March, the price then rallied in late April and early May reaching an all time high of $4,674 just 6 trading sessions ago. The same day that the price reached its all time high, it started to drop and has now added losses of more than 25% in just 6 days.



Graph Template (11)


The relative strength index dropped all the way to 51%, which could allow the pair to start a recovery very soon if the price is able to consolidate the support level of $3,277, which is at our 38.2% Fibonacci Retracement. The Bollinger bands are closing and moving up, which could be a good indicator for an uptrend, meanwhile, the parabolic SAR indicator suggests that the downtrend would continue. The price trades below the short term moving average which indicates that the price is relatively low, we could potentially see a recovery for the pair in the short term.



We love to hear new ideas from traders and want to know what you think! 


If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.

Open Live Account  


Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. 


Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.

cryptocurrency, trading conditions, technical analysis, fundamental analysis

Subscribe by Email