Lokesh Gupta
27-10-2023
ETH is taking a breather today after an eight-day rally, with a 2.70% dip, still staying below the $1,800 mark. In the past three days, a Long Wick Candle signaled bearish control. This pullback is attributed to investors and market participants awaiting the release of US Core Price Consumption Expenditure (PCE) data by the US Bureau of Economic Analysis (BEA), which added to the overall market anticipation and tension.
According to Coingabbar Price Analysis, Yesterday, ETH reached a peak of $1,857, approaching the upper trendline that has persisted for a while. Despite making its third breakout attempt, it failed to breach this resistance, leading to a sharp correction that pushed the price below $1,800. However, Ethereum quickly stabilized, finding strong support around $1,750, which marked a turning point and attracted bullish sentiment among investors capitalizing on the price retracement. Presently, ETH is trading within the channel boundaries.
KEY LEVELS :
RESISTANCE LEVEL : $1,820-$1,860
SUPPORT LEVEL : $1,760-$1,720
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
5 months ago
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