ETH/USD Resistance Looming – 2 May 2022

Ethereum is approaching a mid-term resistance area

ETH/USD 4H Chart, 2 May 2022

Ethereum is trading into a structure support / resistance zone, around the 61.8% fibonacci level. The level also has the added confluence of the resistance trendline and the previous structure zone.

We’re looking to see how price interacts with this zone. If price holds below we will look for continued downside, however a break above could shift this bias.

Our preference is for downside below the $3000 significant figure.

Published by Tom Stewart

Head of data analytics at TradeProofer. Analyst at Opes Trading Group. FX enthusiast.

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