ETHUSD

We last reported on the ETHUSD pair around may ending. During that period we saw price trade bearish towards level 2146.1323 where it found support before moving bullish. In todays post we see that price currently trades at level 2188.8049 this is after finding support at level 1868.8230 . In the charts we may notice how price has ranged between level 1868.8230 and level 2849.3064 for a whole month.

ETHUSD Daily chart 29 June 2021
ETHUSD Daily chart 29 June 2021

We take a close look at why this is the case. Throughout history we’ve noticed how price has respected these level and failing to break past them. Our analysts believe that price could resume its old trend direction. However, we think that level 2849.3064 needs to be broken accordingly to the breaking rule. We’ve seen the market create so many fake outs at this level. Thus tricking alot of buyers .

If the ETHUSD pair doesn’t break past that level then we can expect a drop to level 1868.8230 . This is our major support level. We strongly believe that entering a buy right now could serve as a good long term investment. Especially if price trades to its previous higher high. The June trading period has been a very choppy market for the crypto currencies . The month has proven to be nothing but a indecision with traders not sure where the market could trade from here on.

ETHUSD H4 chart 29 June 2021
ETHUSD H4 chart 29 June 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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