09.08.2022
Chicago 12, Melborne City, USA
Reviews

Forex Analysis & Reviews: 02.05.2022

Relevance up to 06:00 2022-05-30 UTC + 00

Exchange Rates 02.05.2022 analysis

Technical outlook:

Ethereum had dropped through $ 2,700-20 mark over the weekend before finding suppport again. The earlier swing low was registered around $ 2,765 level, which has been tested marginally. Also note that prices have bounced back and are trading comfortably above $ 2,860 at this point in writing. Bulls seem to be in control now.

Ethereum is facing immediate resistance around $ 2,800-3,000, followed by $ 3,200 levels respectively. A break above $ 3,000 at least will confirm that the crypto is heading towards $ 3,800-4,000 mark going forward. The corrective drop, which had begun from $ 3,500 levels seems to be now complete around $ 2,700-20 levels.

If the above structure holds well, Ethereum bulls will remain poised to push through $ 3,800-4,000 mark in the next several trading sessions. Further, prices will stay above the $ 2,300 interim support and continue printing higher highs and higher lows from here on. A push above $ 3,000-3,200 will confirm that bulls are back in control with respect to price action.

Trading plan:

Potential rally through $ 3,800-4,000 against $ 2,100

Good luck!

* The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Oscar Ton,
Analytical expert of InstaForex
© 2007-2022

Benefit from analysts’ recommendations right now

Top up trading account

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade

administrator
My name is Lawrence. I am one of the most famous forex trading schools. The purpose of creating this project is not only to give working advice on the Forex market, but also to warn beginners from fraudulent projects. Here we publish reviews of all Forex training scam projects, and professionally train those who have just decided to enter this niche.

    Leave feedback about this

    • Quality
    • Price
    • Service

    PROS

    +
    Add Field

    CONS

    +
    Add Field
    Choose Image
    Choose Video