Cryptocurrencies are catching a bid today as risk appetite got a boost on news from China. Beijing and Shanghai will ease part of the restrictions while Shanghai authorities have also proposed a 50-point plan to kickstart the city's economy. Gains are not only limited to cryptocurrencies as equities, oil or commodity currencies also trade higher today.
Taking a look at ETHEREUM chart at D1 interval, we can see that the coin has managed to halt recent declines at the $1,715 support zone. This area was tested three times in May-July 2021 but each time it has managed to hold sellers' assault. It looks like it still holds firm as ETHEREUM not only halted declines there but also managed to launch a strong recovery move from the area. Coin is already trading 10% above recent local low and is currently attempting to break above a short-term $1,900 swing area. If it succeeds, a bigger recovery move may be looming. In such a scenario, bulls should look towards Fibonacci retracements of the upward move from the second half of 2021 as potential resistance levels.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile app
Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
