Cryptocurrency Analysis

[IFX_Selena]

Trading signal for Ethereum (ETH) for October 12 - 13, 2021: Buy above 3,400 (6/8)



Since October 10, Ether (ETH/USD) has been falling below the SMA of 21. It seems to be forming a descending wedge pattern. A break of this technical figure can confirm a bullish movement and could reach the resistance level of 8/8 Murray located at 3,750.

If the bulls push and close the daily price above 3,600, then a new bullish wave could be expected, and it could go all the way to the psychological level of 4,000. If the 7/8 Murray level turns out to be very strong and consolidation occurs instead of a breakout, then it will be a good opportunity to sell below the 21 SMA located at 3,528.

The opportunity to continue the bullish movement is based on Ether being above the 200 EMA today at 3.3319. A technical bounce around this zone will be a good opportunity to buy with targets at 3,528, and if it sharply surpasses this resistance it could reach 3,750 and 4,000.

On the contrary, a daily close below the EMA of 200 (3,319) will mean that the bulls wait for the levels of 3,125 or 2,812 to take new entries, which could result in a new bullish cycle. It remains to wait to take action according to the result of price action.

Our forecast is to buy at the current price level above 3,400, the first target at 3,528 and up to 8/8 of Murray at 3,750. Alternatively, only a daily close below the EMA of 200 (3,300) will give us the opportunity to sell with targets at 3,125 and up to strong support at 2,812.

The Eagle indicator is showing a neutral signal. It is likely that Ether will continue flutuating within a price range between 3,600-3,300 above these limits, the next movement could be defined.


Support and Resistance Levels for October 12 - 13, 2021
Resistance (3) 3,693
Resistance (2) 3,611
Resistance (1) 3,487

Support (1) 3,356
Support (2) 3,281
Support (3) 3,125


A trading tip for Ether for October 12 - 13, 2021
Buy in case of a rebound at 3,319 or above 3,400 (6/8) with the take profit at 3,528 and 3750 (8/8), the stop loss is below 3,235.






Dimitrios Zappas
Analytical expert of InstaForex
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