Baxia Markets
October 28, 2021

Ethereum pulls back after not breaking the 4,380 resistance.

technical analysis top header -01

Since late September, the cryptocurrency has been on an upwards trend; it managed to gain more than 50% in less than a month. The price now lost almost 10% in a single session, it came close to entering an overbought status, but the price dropped.

The Bollinger bands are slightly closing but still pointing up, indicating that the upwards trend will continue. The retracement could be temporary, and ETH could continue moving up in the short term after the pair gathers strength.


ETHUSD Oct 26th 2021

The relative strength index came close to being overbought on Oct 20th, but the price suffered a loss on a very volatile day. In the last three trading sessions, it has retraced to the 3940’s level. There might be a chance of recovery for the crypto in the short term. Retracement is necessary for the continuity of the uptrend in the mid-term.

Our parabolic SAR now indicates that the price will continue to fall in the short term, but we normally only use this indicator to confirm our signals from other indicators.


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, trading indicator

Subscribe by Email