Issued on: 23th May’23
Valid upto: 27th May’23
Token: ETH
Category: Layer 1 Blockchain
Market Cap: $223,086,777,647
Circulating Supply: 120,266,407
Total Supply: Not capped
Price Update: Ethereum (ETH) price at the time of writing (23th May, 17:00) is $1854 with 24-hour trading volume of $6,704,132,938. ETH price is up by 2.24% in the last 24 hours according to coinmarketcap.com. Ethereum (ETH) is currently a deflationary supply of -0.88% per annum.
Source: Tradingview
Analyzing the above chart:
- ETH Formed a pennate triangle, which gave an upward breakout yesterday.
- This momentum also crossed 55 EMA and 200 EMA (yellow and blue line) in a 4 hour timeframe.
- The support that was broken at $1810, got filled with stable demand price action before breaking upwards for $1855.
- Looking at the trend, volumes and upside liquidity this momentum could try for next resistance levels at $1920.
- A Long Trading strategy can be assessed between $1850-$1820 with invalidation below $1790.
- On the upside, one can see a rise of 4% towards $1920 as first level, and if markets are sustained we can also see moving towards $1960.
- It would seem that one should maintain a balanced risk to reward ratio and check use of leverage and position size to ride out current market conditions.
An illustration of Leverage in Futures Market:
Note: ETH is now available in the futures market in both Go and Pro apps with up to 15x leverage.
Trade ETH in Futures Market at CoinDCX
Trade ETH in Futures Market at CoinDCX Pro
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The Content is for informational and educational purposes only. The Content is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or securities or virtual digital assets or to participate in any investment or trading strategy.The Content or any part of it is not legal, financial, investment or tax advice. The calculations, data, risk return formulations, performance or market capitalization indicators are based on the independent data sourced by CoinDCX or third parties. Past performance is not indicative of any future results.
