The cryptocurrency continues moving downwards and is down 5.4% in the trading session, the pair started the downtrend on April 5th and has not been able to get a significant recovery. ETH is down almost 20% in 21 sessions.
The Bollinger bands are somehow narrow, but the edges are opening up, which often signifies a trend reversal, the pair trades below the lower band, suggesting that the price is relatively low, we could see the crypto bounce in the upcoming sessions as investors might see this as an opportunity to enter the market at a good price. We want to wait and see if the lower Bollinger band can provide support ad stop the price from losing more ground.
The relative strength index is at 37% which theoretically would allow the pair to continue falling until it gets closer to the oversold status at 30%. The price trades below the short and long-term moving averages, which crossed during the weekend session, indicating that the general trend is considered downwards now. Our parabolic SAR indicator suggests that the price will continue falling 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.
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.
