Insignia Consultants | Ethereum (ETH/USD) short term view

Ethereum (ETH/USD) short term view

Insignia Consultants

                                                                                   New Delhi

Sunday, February 6, 2022 TIME 5:50 PM IST                       

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ETHEREUM-US Dollar (ETH/USD) SHORT TERM VIEW  (current price: $3014.40)

There will be a short-covering rally if Ethereum rises this week and the rest of February. 100-day moving average: $3790.60, 200-day moving average: $3537.00 50-week ma: $3030.40

Support: $1773.70, $2116.50, $2565.10 and $2802.10 Resistances: $3222.80, $3462.40 and $3911.10

Short term View:

• BTC/ETH needs to trade over fifty week moving average of $3030.40 till end of February to rise to $3911.10 and $4465.60.
• For a bearish trend eth/usd needs a daily close below $2565.10 for four consecutive days.

Cryptocurrencies in general will be very volatile. If you are a day trader or a weekly trader then a strict trailing stop loss is the need of the hour. A minimum five percent or more stop loss is needed for day trading. A minimum ten percent stop loss is need on weekly trades. If you cannot take this much minimum risk on your crypto currency trading, then look for alternate less risky investment.

Disclaimer: The above is just a technical view. The above is not investment advice. Cryptocurrencies are a very high-risk investment class. In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action, or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Prepared by Chintan Karnani

Disclosure: Insignia consultants or its employees do trade and invest in cryptocurrencies. Our clients do have positions on the trading strategies mentioned in the above report.

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NOTES TO THE ABOVE REPORT

ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED

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PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.

THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

ALL PRICES/QUOTES IN THIS REPORT ARE IN US DOLLAR UNLESS OTHERWISE SPECIFED.

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