Baxia Markets
May 17, 2022

Ethereum hits lowest level in almost one year

technical analysis top header -01

The cryptocurrency found a new low for the current year at $1,700, a level we had not seen since June 2021. The downtrend started in early April, and the pair has lost more than 40% so far after it recovered some ground in recent sessions. The pair found strong resistance at $2144.19, which is our 23.6% Fibonacci retracement.


The Bollinger bands are very wide, and volatility should be high in the upcoming trading sessions. The lower band could act as support, which is currently at $1,759; however, the band is likely to continue expanding in the short term.



US Oil May 17th 2022


The relative strength index is at 31%, just outside the oversold status; the gains from the weekend helped RSI rise a bit but not necessarily reverse the downtrend yet. Our parabolic SAR indicator suggests that the price will move upwards in the upcoming sessions. We would need to wait and see if the price can break the resistance at $2,144.


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.

Subscribe by Email