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ETH: Consolidation on the upside

2023-05-24
804
Fundamental analysis:

Ethereum maintained a shock around 1849, and the Shanghai Insurance Exchange and Bank of China held a signing ceremony for a strategic cooperation agreement in Shanghai. According to the agreement, the two parties will give full play to their respective advantages and resources, and further strengthen cooperation in party building and co-construction, cross-border business, innovative business, digital RMB business, settlement business, financial services for group customers, channel sharing, training and research, etc.

Ethereum ETHUSD - 4-hour K-line chart shows:



Brief technical analysis:

The 4-hour chart: the long-term momentum maintains shocks and goes up and then sorts out, the short-term bullish sentiment slowly emerges and then sorts out, the market’s bullish momentum continues, the MACD indicator is in the bullish area and continues to move upward, and the RSI indicator is in a weak position on the side of the 50 balance line;

Resistance level: 1867 1887

Support level: 1815 1796

Trading strategy: Bullish above 1836, target 1867 1887
Alternative strategy: bearish below 1836, target 1815 1796

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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