Mar 31, 2021 Forex News
After the ETH/USD pair broke the resistance level of 1850 and reached a high of 1863, it began a correction. The ETH/USD pair dropped below the level of 1800, but at the time of publication, it rallied to the area of 1820.
Ethereum's price has shown a decline following the price of Bitcoin, as Bitcoin and Ethereum have a close correlation.
The ETH/USD pair showed a correction amid a sharp rise in the US dollar index. The index was up about 3% by the end of March, the largest monthly gain in nearly 5 years.
The strengthening of the US dollar weakens investor interest in risky assets, in particular in cryptocurrencies. The $1,9 trillion stimulus package helped boost consumer confidence in the US. It looks like the dollar will continue to rise in the short term.
On the hourly chart, the ETH/USD pair is forming an uptrend with support around 1800. As shown in previous sessions, the area of 1850-1860 provides enough resistance for the ETH/USD pair. A break above the resistance area and a subsequent move above $1865 would open the way to the area of $1900.
If the ETH/USD pair fails to rise above the resistance area of 1850-1860, it could correct below. In this case, the initial support is in the area of 1820. The level of 1800 provides enough support to stop the price decline. If the bears manage to break down this level, we will see a decline to the area of 1750, where the 100-hour moving average is also located.
Despite the short-term effect of rumors that Amazon was going to accept Bitcoin this year and the subsequent pullback, the BTC/USD pair was able to find support in the area of $36500 and start a new rally. As a result, today the BTC/USD pair was able to rise
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Dear clients, Please note that due to Independence Day celebrated in the USA on 4 July 2022 you may experience the following changes: Monday, July 4rdMetal CFDs: trading closes at 21:30. Indices CFDs: Europe 50 (#ESX50): trading closes at 23:00; France 40 (#FCHI): trading closes at 23:00;
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