Confidence has not returned to investors in the cryptocurrency market. This can be seen by the fact that the positive news that comes out does not necessarily affect the recovery of the market. PayPal (PYPL.US) announces the launch of the ability to transfer, send and receive Bitcoin, Ethereum, Bitcoin Cash and Litecoin. Despite this, there is no price reaction in sight.
Despite this, Ethereum is once again at a key location, the $1750 support. From a short-term perspective, we can see that we have a 4th test of this area, which means that theoretically we have the best chance to break through. At the same time, if today's bounce is bigger, from a technical point of view, we should break out upwards from the current consolidation.
For a bullish signal, we need to break through the downward trend line and exit above $2250, a very important place of resistance, which is marked by local lows from the beginning of 2022. Source: xStation5
From a long-term perspective, it can be seen that from May to July 2021, also 4 times, resulting in a powerful rebound that led prices to historical highs. However, it is worth noting that the stock market was in a strong bull market then, in contrast to the current state.
Source: xStation5
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