ETH/USD tested the 50% Fibonacci retracement level of 271 [Video]

Kiana Danial, CFP Invest Diva

Ethereum prices continue to slide after two weeks of negative coverage on crypto currencies. However, from a technical point of view, this slide could be a mere pullback and an inevitable market sentiment reaction. ETH/USD tested the 50% Fibonacci retracement level of 271 as we predicted previously. This level also falls on the upper band of the daily Ichimoku cloud, and is tested as the Kijun line crosses below the Tenkan line. While normally the 50% Fibonacci level is one of the toughest ones to break, it is important to note that the pair is also in the middle of forming an apparent Double Top chart pattern, with neckline all the way down at 155. While we don’t have enough historical data for the young crypto-currency, we currently have at least 2 bearish confirmations indicating the Ethereum price could at least pull back to 244 and 205 in extension, especially if it is able to break below the daily Ichimoku cloud. For those excited to invest in Ethereum, these levels could be bargain prices. Thanks for watching, invest responsibly, and I’ll see you with more updates next time.

For more from Invest Diva, click here

Author

Kiana Danial, CFP

Invest Diva

Kiana Danial is an award-winning, internationally recognized personal investing and wealth management expert.

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive

Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.