empty
 
 
17.04.2024 04:21 PM
Trading Signals for Ethereum (ETH/USD) for April 17-19, 2024: sell below $3,125 (21 SMA - 2/8 Murray)

This image is no longer relevant

ETH/USD is trading around 3,046.92, below the 21 SMA, and inside the downtrend channel forming since late March. Ether could continue its fall as it comes under bearish pressure and is likely to find immediate support around 1/8 Murray located at 2,812.

Technically, it is approaching an oversold zone. If a bounce occurs around 2,800, it could be seen as a signal to buy with the target at 3,700.

On the other hand, if ETH/USD breaks and consolidates above 2/8 Murray and above the 21 SMA, the bearish outlook could change and we could expect more gains in Ether and it could reach the 200 EMA located at 3,370.

A breakout of the bearish trend channel as well as consolidation above the 200 EMA and 3,400 will be seen as a signal to buy. So, we could expect 4/8 Murray to be reached at 3,750 and the crypto could finally reach the psychological level of $4,000.

Our trading plan for the next few hours is to sell ETH/USD below 3,100. As long as it trades below the 21 SMA, the token will remain under bearish pressure. For a consolidation above 3,150, we should avoid selling or wait for a confirmation for a technical rebound.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback