ETHUSD

The past weeks has served well for buyers as we’ve seen the crypto market soar bullish. Price has shown no sign of dropping and has maintained momentum for weeks now. The ether price currently trades above the $3000 level. Will we see price drop any lower soon ? In todays trade you may notice how price finds support at level 2979.1229 . This price pattern has occurred for sometime now.

ETHUSD Daily Chart 19 August 2021
ETHUSD Daily Chart 19 August 2021

In the charts. You may notice that level 3327.3481 acts as our resistance level. Price has struggled to break past that level on three different occasions. This is a sign of strong bullish price action. Our analysts believe that price might trade to this level and possibly break past it. We think that the all time high may be tested. This only possible if price breaks past level 3327.3481

Incases where price fails to break past this level we may see the ether price plummet bearish. If level 2979.1229 does not prove to be a strong support. We may see sellers push the market to lows such as level 2677.5105 .This level will act as our next support. We believe that we may see price struggle to break past that level. If price does drop to such levels . That may be a good chance to trade ride the trend bullish again.

ETHUSD H4 Chart 19 August 2021
ETHUSD H4 Chart 19 August 2021

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read risk warning before deciding to trade the markets.

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