ETH/USD could be heading towards $2K
After creating a nice 3-bar reversal pattern beneath old resistance at $1650, Ether went on to break that resistance level on Thursday of last week, before going into a consolidation phase.
Today, ETH/USD has drifted back to that $1650 level where it is likely to find support, in my view.
Cryptos and other zero- and low-yielding assets like gold, silver, Japanese yen and Nasdaq have all stormed back after the recent falls in key soft commodity prices and weakness in US data have led to speculation about peak inflation, which may see the Fed slowing down the pace of the hikes and potentially go in reverse in early 2023.
The weakness in US dollar has also helped to put upward pressure on these assets.
Let's see if ETH/USD will now defend this $1650 level and embark on a rally towards the most recent high at $1785 next. If it gets there, then why stop there? Why not rise to $2,000?
However, if $1650 support fails to hold, then that will change the whole dynamic of the game. It is just that I prefer to concentrate on the bullish scenario for now, just because of the recent bullish trend and positive macro developments.
By Fawad Razaqzada on behalf of FOREX.com.
Today, ETH/USD has drifted back to that $1650 level where it is likely to find support, in my view.
Cryptos and other zero- and low-yielding assets like gold, silver, Japanese yen and Nasdaq have all stormed back after the recent falls in key soft commodity prices and weakness in US data have led to speculation about peak inflation, which may see the Fed slowing down the pace of the hikes and potentially go in reverse in early 2023.
The weakness in US dollar has also helped to put upward pressure on these assets.
Let's see if ETH/USD will now defend this $1650 level and embark on a rally towards the most recent high at $1785 next. If it gets there, then why stop there? Why not rise to $2,000?
However, if $1650 support fails to hold, then that will change the whole dynamic of the game. It is just that I prefer to concentrate on the bullish scenario for now, just because of the recent bullish trend and positive macro developments.
By Fawad Razaqzada on behalf of FOREX.com.
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