We last spoke about the ethereum price action back on the 21st of April. In that post ( price traded in the 2278.0190 region. Fast forwarding up until today we see how far price has travelled. The pair has risen 100% since then as Ethereum trades bullish

Ethereum Daily chart 12 May 2021
ETHUSD Daily chart 12 May 2021

So we ask what now? will we be seeing price retrace a bit before it resumes it bullish price action? Our analysts think that the possibilities could be high. Looking at the chart you may notice how far price has come from its previous high. We think a little pullback is imminent before price continues its bullish plans. However the question is up unitl where will price pullback to ?

Possibilities are we could see a retracement to level 3420.0723. Reason being ,we see so much price action around that level. if price manages to break past this level then possibilities are that we could see level 2538.3030 being exposed. We believe these two level could serve as a strong support level for buyers looking for cheaper entries.

Ethereum H4 chart 12 May 2021
ETHUSD H4 chart 12 May 2021

In the long term the Ethereum trades bullish for one strong reason which is its price action and the awareness its creates as a crypto currency. This price action is promising however we need to wait for a retracement before we can think about scaling into this trade bullishly.

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 the risk warning before deciding to trade the markets

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