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Trading signals for Ether (ETH/USD) on January 27 – 28, 2022: key level $2,500 (0/8)

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Relevance up to 15:00 2022-01-29 UTC+00

Ethereum (ETH/USD) is up more than 24% from weekly lows when it traded at $2,151.

Currently, it is trading below the 0/8 Murray and below the key level of $2,500.

The eagle indicator on the daily chart continues to show oversold signals.

It is likely that in the next few hours if the Ether consolidates above $2,530 it could again continue its upward movement.

The next targets are the SMA of 21 located at 2,954 and up to the psychological level of $3,000.

On the contrary, if ETH fails to complete a daily consolidation above $2,530, it is expected that the bearish pressure will continue to prevail and the price could fall back towards the support of -1/8 Murray located at $2,187.

ETH price action, like the rest of the cryptocurrency market, has been extremely bearish. Currently Ether has incurred a loss of almost 50% below the historical high at $4,863.

Ethereum price has a small support left at -1/8 of Murray, preventing a sell-off. Below this level, we expect a fall in prices from July 2021, around $1,800.

Some investors and analysts believe that the price of Ether and Bitcoin are still overvalued. They reckon that a good price for Bitcoin is around $30,000 and for Ether is around $2,000.

Support and Resistance Levels for January 27 – 28, 2022

Resistance (3) 2,690

Resistance (2) 2,620

Resistance (1) 2,509

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Support (1) 2,301

Support (2) 2,190

Support (3) 2,022

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Scenario

Timeframe H4

Recommendation: buy above

Entry Point 2,530

Take Profit 2,812; 2,954 (21 SMA)

Stop Loss 2,450

Murray Levels 3,437 (3/8) 3,125 (2/8) 2,812 (1/8) 2,500 (0/8)

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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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Wave analysis of EUR/USD on January 27, 2022

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