Ethereum price finds support at 3100$
Amid turbulent market developments for Bitcoin and other cryptocurrencies, institutional investors appear to have boosted Ethereum and other alternative cryptocurrencies, and the report identifies inflows into $ 48 million in crypto-asset investment products when Bitcoin is excluded from that basket. Ethereum accounted for more than half of altcoin flows for investment products with $ 27 million. We will also single out Cardano and Polkadot, which recorded an increased inflow of 6 million and 3.3 million dollars, respectively, for Polkadot. CoinShares also notes that May is the month in which the volume of investments for institutional ether products exceeded the Bitcoin basket. Products to invest in digital assets recorded a net outflow of $ 50 million this week; this is the first week to record a net outflow since October 2020.
Looking at the graph in the one-hour time frame, we will do the following technical analysis. Ethereum is moving in one falling channel, and that after finding support at $ 3120, we have some pullback to the current $ 3490 with support with moving averages of MA20 and EMA20 with current MA50 testing.
By setting the Fibonacci level, we see that we have resistance at 38.2% Fibonacci level at $ 3520, and to continue to the top line of the channel, we need a break. If that happens, we can expect Ethereum to climb to $ 3700, with the end goal within the channel at 61.8% at $ 3770. Looking at the MACD indicator, we see that we have a current bullish signal and that based on that, we can expect the continuation of this pullback, at least to the top line of the channel.
- Trading Instrument
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.