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Ethereum - A break of 2040 needed for a trend reversal

by Tim Straiton
Saturday 24th September 2022

This cryptocurrency currently trading at 1327 has still not been able to break out of the long term bear trend. The falling 50 week moving average is currently at 2601 and the 20 week falling moving average is at 1566. The price seems to have stabilized around the Fibonacci 78.6% retracement level of 1130, based on the entire 195 - 4860 range traded since 2019.

The 20 week Bollinger bands are retracting which points to falling volatility. Only a weekly break above the 2040 level would set the stage for a trend reversal, otherwise a further decline to test the the 879 low made in June 2022 is possible.

Disclaimer

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