English
Ether remains close to its 3 3/4 year high
Ether remains close to its 3 3/4 year high ahead of US CPI print.
Ether remains close to its 3 3/4 year high
Ether bullish case:
Ether is trying to revisit Monday's near 33/4 year high at $4362.90 ahead of Tuesday's United States (US) consumer price index (CPI) print.
The cryptocurrency remains bid while trading above its key $4105.53 to $3941.08 support zone. It consists of the March, May and December 2024 as well as the July 2025 peaks and as such should act as strong support, if retested.
While this support area underpins, an advance above the current August high at $4362.90 probably remains at hand with the May 2021 peak at $4381.72 representing the next technical upside target.
Another potential upside target is the November 2021 high at $4783.83.
Ether bearish case:
Were ether to short-term top out around its current $4362.90 August high, a slip back towards the major $4105.53 to $3,941.08 support area is likely to ensue. If so, it is expected to stem the downside.
Were this not to be the case, the 21 July high at $3858.25 may be revisited.
Only a currently technically less likely major bearish reversal and fall through the early August low at $3356.65 would increase the odds of a medium-term top being formed.
In this scenario the area between the February to June highs at $2879.45 to $2733.27 might be revisited.
Ether daily chart
Ether supoort & resistance chart
Important to know
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
Contact
New clients
1800 601 799
newaccounts.au@ig.com
Existing clients
1800 601 799
newaccounts.au@ig.com
Lines open
24/7 except 6am to 12pm Saturdays (AEST)
Start a Whatsapp chat
Connect with us
Disclaimers
- CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You do not own or have any interest in the underlying asset. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Please consider the Margin Trading Product Disclosure Statement (PDS), Risk Disclosure Notice and Target Market Determination before entering into any CFD transaction with us.
- The value of shares, ETFs and ETCs bought through an IG share trading account can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results.
- Please ensure you fully understand the risks and take care to manage your exposure.
- The information on this website is prepared without considering your objectives, financial situation or needs. Consequently, you should consider the information in light of your objectives, financial situation and needs.
- This website is operated by IG Australia Pty Ltd. IG Australia Pty Ltd is located on Level 32, Queen & Collins, 376-390 Collins Street, Melbourne, VIC 3000. ABN 93 096 585 410, Australian Financial Services Licence No. 515106. Derivatives Issuer Licence in New Zealand FSP No. 684191, NZBN 9429047618251.