ETHMXN Tests Resistance at 5530

ETHMXN CHART PRICE – ETHMXN DAILY

For the first time in five months we saw the price drive higher than 5530 on Wednesday, the following day it moved down as aggressively as it climbed, now the price is trading at 5390, and we are expecting the price to sink all the way to its support level at 5072, we see that the Relative Strength Index also dropped dramatically form 64 to 53% in less than two days, meaning that more traders started closing positions and going short on ETH, I see that the bollinger bands are opened, we can expect volatility in the weekend, as the cryptocurrency market does not close, the moving average trend lines have barely touched during Wednesday session, since the price dropped they started to spread again, the price is trading above the Ichimoku Cloud which normally would suggest that the price is expected to continue its uptrend however the resistance level of ETH is very very strong, and I dont see the price driving above these level in the short term.

This post does not provide Financial Advice for traders, its merely purpose is education, use all the information available from different Analysts and build your own strategy, trading is not for everyone, you should only trade with money you can afford to lose, past performance is not an indicator of future results.