The ETH/USD market is currently encountering resistance below the $3,500 barrier. The crypto economy keeps the operations at a percentage of 7.39 negatives between the top and low of $3,162 and $2,878.3. Let’s Examine Polygon’s Technical Movement:
Ethereum Price Prediction 2022
On the daily chart of ETH/USD, a bearish candlestick is forming; breaking the trend line of the smaller SMA to the south side, as the crypto market hits resistance below $3,500. The 50-day SMA indication is higher than the 14-day SMA. Around the region of 50, the Stochastic Oscillators are striving to cross their lines back southerly. This indicates that lowering forces are on the way. The lower bearish channel trend line drew southward, touching the maximum support level that price might push, reversing the current downward trend.
Looking at the key technical indicators $3,250, $3,500, $3,750 are key resistance levels. $2,500, $2,250, and $2,000 are the key support levels for Ehereum.
As the crypto market strikes a resistance below $3,500, the ETH/USD trade has reaffirmed the potential for more declines. The upper bearish channel trend line has held firm, as has the 50-day SMA signal, indicating where price may lose upward momentum following exhaustion. It appears that a good buy entry will take a long to reappear, given the current psychological trading condition. As a result, further buying orders must be put on hold for the time being.
On the negative side of the technical analysis, short-position takers in the ETH/USD market may now ride the current dropping force as long as there is no total rebounding motion in the near future. The declining trend appears to have restarted on a systemic level. If the situation worsens, the previous lower level may resurface. It’s unlikely that a quick rupture of the value-line to the south side will hold for the long run. [wpdiscuz-feedback id=”z4yii1zg26″ question=”Please leave a feedback on this” opened=”0″][/wpdiscuz-feedback]