We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
Gold
Mixed
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Mixed
More View more
Real Time News
  • Switzerland government says coronavirus risk is moderate - BBG
  • Trader confidence continues to suffer from the spread of the #coronavirus and its possible impact on the global economy. Get your market sentiment update from @MartinSEssex here: https://t.co/4a4RXyK4Wy https://t.co/3ci3Fptn8r
  • There's always a bull market somewhere? Oct 2018 - 10y yield at 3.25% Feb 2019, a year ago, 10y at 2.7% This morning the 10y touched down for a test of the all-time-low at 1.33% Rates come at ya fast https://t.co/N7yqi0AMAM
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.56% 🇯🇵JPY: 0.56% 🇨🇭CHF: 0.27% 🇪🇺EUR: 0.04% 🇦🇺AUD: -0.09% 🇳🇿NZD: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/voDtKYTgzL
  • $EURUSD threatening a deeper reversal as an ascending triangle has built, short-term. Get your EUR/USD technical analysis from @JStanleyFX here: https://t.co/qmGzD3rbOZ
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.37% US 500: -0.42% Germany 30: -1.26% France 40: -1.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/zQL4nNXJsy
  • $SPX < 3,200
  • Commodities Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Gold: -0.48% Oil - US Crude: -1.02% Silver: -1.49% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fuN1JsPmS0
  • $EURUSD resistance has held thus far. But higher-lows coming in, setting up an ascending triangle this is similar to the backdrop in USD in early-Jan, just before the bullish reversal came in - discussed here at the time https://www.dailyfx.com/forex/market_alert/2020/01/07/correction-conundrum-in-the-us-dollar-eur-usd-usd-cad-aud-usd-js57.html https://t.co/uze2m6I5y7
  • 🇺🇸 USD Consumer Confidence Index (FEB), Actual: 130.7 Expected: 132.2 Previous: 130.4 https://www.dailyfx.com/economic-calendar#2020-02-25
Ether (ETH) Price Bounces Off Target But Weakness Remains

Ether (ETH) Price Bounces Off Target But Weakness Remains

2018-05-24 08:00:00
Nick Cawley, Analyst
Share:

Ether (ETH) News and Commentary

- Ether rebounds off the February 6 swing-low but lower prices seem likely.

- Ether-Bitcoin spread recovers Wednesday’s weakness.

If you are new to trading cryptocurrencies, or are just looking to refresh your trading knowledge, please see the DailyFX ‘Guide to Day Trading Bitcoin and other Cryptocurrencies’.

Ether (ETH) Re-Bound Lacks Conviction

Wednesday’s late sell-off saw Ether trade back at the February 6 swing-low, a target we have been talking about over the last few weeks and mentioned again at yesterday’s Cryptocurrency Webinar. The token also traded below all three moving averages, another bearish signal, while the RSI indicator remain mid-range. The crypto-market as a space has reclaimed some of Wednesday’s falls but trading volumes remain low and the path of least resistance is for lower prices. On the downside the next target is the two December lows, either side of $500, which should provide reasonable support in the short- to medium-term.

ETH Price Chart Daily Time Frame (July 15, 2017 – May 24, 2018)

Ether (ETH) Price Bounces Off Target But Weakness Remains

IG Client Sentiment data show that retail traders remain just under 90% net-long ETH although long positions have been pared back slightly over the last few days.

Ether vs Bitcoin Spread Recovering

The ETH/BTC spreadis currently trading around 2% higher on the session, recovering Wednesday’s falls. Price action around the 200-day moving average needs to be closely watched, and closed above if the medium-term is to continue. The RSI indicator has just turned higher and out of oversold territory, while the May 7 swing low provides the first level of support if the spread eases.

Ether vs Bitcoin Spread Four Hour Chart (April 7 – May 24, 2018)

Ether (ETH) Price Bounces Off Target But Weakness Remains

--- Written by Nick Cawley, Analyst.

You can contact the author at Nicholas.cawley@ig.com or via Twitter @nickcawley1.

https://www.dailyfx.com/sentiment?ref-author=Cawley

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.