ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

ETH Trading Transaction Surges Upon Bullish Breakout

Share On Facebook
share on Linkedin
Print

In mid-March, ETH/USD initiated a price correction characterized by a falling wedge pattern. This pattern indicated a period of consolidation, typically suggesting an impending reversal. As the price approached the demand level of 2890.0, market conditions shifted, leading to the invalidation of the falling wedge. The market then exhibited an impulse move to the upside, breaking through the critical resistance level of $3356.0.

©

The Ethereum (ETH) trading landscape has recently experienced a notable surge in transaction volume following a significant bullish breakout. This uptick marks a pivotal moment in ETH trading dynamics, driven by a sequence of technical patterns and market signals.

Mid-March Price Correction and Falling Wedge Pattern

Key Levels for Ethereum

Demand Levels: $3726.0, $3356.0
Supply Levels: $4085.0, $4100.0

Technical Indicators and Market Signals

Several technical indicators provided insight into the correction phase on Ethereum’s daily chart. The Moving Average Convergence Divergence (MACD) and Moving Averages both signalled the onset of the correction in mid-March. Specifically, the nine-period Moving Average crossing below the twenty-one-period Moving Average indicated a reduction in bullish momentum. Concurrently, the MACD lines crossed in the oversold region, with histogram bars turning red, further confirming the bearish sentiment during mid-March.

Trading Volume and Market Response

Throughout the price decline, a gradual decrease in trading volume was observed, reflecting a cautious market sentiment. However, upon the bullish breakout, Ethereum’s trading volume surged significantly. This increase in volume underscores the market’s robust response to the breakout and renewed investor interest. The current price trajectory is now targeting the next resistance level at $4085.0, indicating continued bullish momentum.

In summary, the recent bullish breakout in ETH/USD, coupled with increased trading volume, highlights a significant shift in market dynamics. As the price drives towards the resistance level of 4085.0, traders and investors are closely monitoring for further bullish developments.

Learn from market wizards: Books to take your trading to the next level

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com