May 18, 2022 12:05 AM ET
By: AnalysisWatch
The financial record of ETH/USD shows that the cryptocurrency market is currently around $2,000. The price is trading between the levels of $2,108 and $2,030 with a negative percentage of 2.43.
The daily chart shows that the cryptocurrency market is hovering around $2,000. A horizontal line has been marked at the $1,750 support level, which serves as a base for a decent bounce while the trade tends to fall from its current trading spot. The 14-day SMA indicator is below the 50-day SMA indicator. The stochastic oscillators are in the 40 area and have left the oversold zone.
The ETH/USD market could lose strength near the $2000 level if the bulls do not muster the energy to break above the level in the near future. Ethereum price is hovering around the value line and market participants have not yet decided which direction to go. As long as this assumption holds, long position holders need to focus on the outcome of stochastic oscillators that link the oversold area with the appearance of bullish candles from the lower trading zone before deciding to take a buy order.
On the other side of the technical analysis, short positioners in the ETH/USD market may have the advantage of suspicious downward pressure that pushes the price back to the south side. They should apply proper money management to sell orders below the $2,250 resistance level. Further decline towards the $1,750 support level may not be sustainable in the long term.
Ethereum has been below the lower line of the range for some time now. The price of the cryptocurrency pair is below the SMAs. The 14-day SMA indicator has caught the 50-day SMA indicator on the south side of the range bound zone.