Launch of a military action against Ukraine by Russia has triggered panic sell-off not only on the stock markets but also on the cryptocurrency market. However, some relief came yesterday in the evening after US sanctions on Russia turned out to be less severe than feared. Wall Street indices recovered from losses and finished the day higher. Similar outcomes could be spotted on the cryptocurrency market. However, markets are getting jittery again this morning, leading to an end of the upward correction on the Ethereum market. Cryptocurrency tested the upper limit of a market geometry and a 50-period EMA (H4 interval) but failed to break above. A downward move was launched later on and a pullback towards recent local low in the $2,300 area cannot be ruled out. According to the Overbalance methodology, lack of break above the upper limit of market geometry hints that downtrend remains in play.
Source: xStation5
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