Chart of the day - ETHEREUM (30.05.2022)

8:52 AM 30 May 2022

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.

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Source: xStation5

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