empty
 
 

22.01.202218:38 Forex Analysis & Reviews: Ethereum surpasses our pull back targets!

Back in December when Ethereum was trading around $4,000 we warned traders that a break below the support area of $3,985 would be a bearish reversal sign. On January 5th another analysis of ours warned bulls using the Ichimoku cloud indicator when price was showing rejection signs.

Exchange Rates 22.01.2022 analysis

Red line - resistance

On January 6th our analysis confirmed the trend change and the bearishness in Ethereum's charts as price was testing $3,300. Price is now trading around $2,500 having retraced 78.6% of the entire rise from the June - July 2021 lows. This is the last support bulls have, as a break below it will increase chances of pushing below the $1,700 lows of the summer of 2021. There is no sign of this decline stopping yet. Buying now seems like trying to catch a falling knife. Traders need to be very cautious.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2022
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade



  • Trade Wise, Win Devise
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • Ferrari from InstaForex
    Top up your account with at least $1,000
    join the contest and win Ferrari
    F8 Tributo
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and win $1,000
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS
Can't speak right now?
Ask your question in the chat.