Baxia Markets
February 08, 2022

Ethereum ends a 5-day winning streak

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The cryptocurrency has made more than 30% in the last 12 trading sessions, it found a pullback twice during that time but the uptrend continues, the pair is now facing strong resistance at the 50% Fibonacci retracement, if this resistance is broken and consolidated we would be looking at a trend reversal for ETHUSD  


The Bollinger bands are wide and they are starting to open up, which indicates that an uptrend is expected to continue; however, the pair trades closer to the upper band, suggesting that the price is relatively high, which might present a challenge for the crypto in the short term to continue the uptrend and break the resistance level at $3,157.


ETH Feb 8th 2022


The relative strength index is at 58% which would allow the pair to continue moving upwards a bit more before finding a retracement, we would have to wait and see if the price is able to complete the breakout on the resistance, in which case the general trend would switch upwards.

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