13.05.202215:47 Forex Analysis & Reviews: Trading plan for Ethereum on May 12, 2022

Relevance up to 09:00 UTC--4

Exchange Rates 13.05.2022 analysis

Technical outlook:

Ethereum now seems to have carved a meaningful bottom around the $1,700 mark on Thursday and is expected to hold above this level in the next trading sessions. Please note that bears have managed to take out its July 2021 lows, indicating a much deeper correction ahead. But before the next leg lower, bulls appear poised to produce a meaningful pullback.

Ethereum has moved through $2,140 before easing off a bit as it is seen to be trading close to the $2,100 mark at this point of writing. The crypto is producing a significant Engulfing Bullish candlestick pattern on the daily chart and hence potential remains for an extended rally going forward.

Ethereum bulls are now targeting the $2,900 and $3,500-3,600 zone in the next several trading sessions. Also note that the Fibonacci 0.618 retracement of the entire drop between $4,850 and $1,700 is seen through $3,690 mark as projected on the chart here. Bears might be back in control thereafter.

Trading plan:

Potential rally towards $3,600 against $1,500

Good luck!

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

Oscar Ton,
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.
  • Ferrari from InstaForex
    Top up your account with at least $1,000
    join the contest and win Ferrari
    F8 Tributo
  • Chancy Deposit
    Deposit your account with $3,000 and win $1,000
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
Can't speak right now?
Ask your question in the chat.