ETH/USD Forecast: Gives Up Early Gains

I do believe that it is probably only a matter of time before we would see more selling, since we have a serious negative move since the risk appetite is drying up.

  • Ethereum markets have initially tried to rally but gave back gains near the 50-Day EMA.
  • The 50-Day EMA is an indicator that a lot of people pay attention to, so should not be a huge surprise whatsoever that we have seen a little bit of a pullback.
  • At this point, the $1500 level seems to be like a magnet for price, so you should pay close attention to the next candlestick or two.

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