- May 9, 2023
- Category: Market News
Consolidation period prediction
Currently, the ETH price chart indicates that the price line has fallen to a horizontal resistance zone, which means that there is a level of price where buyers are interested in buying and sellers are interested in selling. This could lead to a consolidation period where the price may bounce up and down within a certain range until a significant amount of buying or selling pressure builds up.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
In addition, the chart shows that the price line is currently below the Ichimoku cloud, which is a technical indicator used to gauge momentum and trend direction. The cloud is currently acting as resistance and is preventing the price from moving higher. However, if the price is able to break above the Ichimoku cloud, it could indicate that a new bullish wave is starting. This would signal that buyers are taking control and pushing the price higher. It’s important to note that market analysis is always subject to change and should not be taken as financial advice. Factors such as news events, regulatory changes, and global economic conditions can all have an impact on the price of cryptocurrencies like ETH. Traders should always perform their own research and analysis before making any investment decisions.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.