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      ETH-USDT: Price Is Still Weak After Repeated Test of 1500

      Cryptocurrency
      Summary:

      Ethereum is gaining support near 1500, with above resistance near 1555 in focus.

      Sell ETH-USDT
      End Time
      CLOSED

      1535.00

      ENTRY

      1495.00

      TGT

      1555.00

      SL

      1842.82 -13.03 -0.70%

      2000

      Points

      Loss

      1495.00

      TGT

      1555.00

      CLOSING

      1535.00

      ENTRY

      1555.00

      SL

      Fundamentals

      On Friday night, the preliminary University of Michigan Consumer Confidence Index rose to a one-year high of 66.4 in February. Short-term inflation expectations rose to 4.2% from 3.9%, higher than expected.
      In the second half of last year, the month-on-month CPI figure was significantly elevated (the year-on-year figure was unaffected) after the Labor Department released updated quarterly factors on February 10th.
      The CPI released on Tuesday will use new weights. The weight of energy and food in the overall CPI has been reduced, the weight of used cars in the core CPI has been lowered, and the weight of rents has been raised. As rent viscosity is relatively high and used car prices continue to fall, this adjustment will increase the CPI until rent drops.

      Technical Analysis

      In the daily chart, yesterday closed a small bear candle. K-line was still in the pattern of continued black and single white bodies. The price is running below the moving average, and MACD forms a death cross, running downward with selling positions. Yesterday's rebound in the U.S. time is also a stop-gap for selling positions, and the current general trend is still down.ETH-USDT: Price Is Still Weak After Repeated Test of 1500_1
      In the 1-hour level, its price continued to fall this morning, two drops hit the low position near 1495, so today we need to pay attention to this position. The high position in the morning is near 1550, and the current price oscillates at a low level. MACD forms a death cross, but the 1500 integer mark position is more resistant to decline, with the risk of direct going short. So today ETH traders can wait for the rebound to 15the 30-1535 area to go short in the short term. The stop loss is set near 1555, and the take profit is set near 1490.ETH-USDT: Price Is Still Weak After Repeated Test of 1500_2

      Trading Recommendations

      Trading direction: Short
      Entry price: 1535
      Target price: 1495
      Stop loss: 1555
      Support: 1500, 1465
      Resistance: 1555, 1605
      Risk Warnings and Investment Disclaimers
      You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or strategy, or any other product is suitable for you based on your investment objectives and financial situation.

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      Damon

      Analyst

      I worked as an analyst at a well-known forex brokerage firm and have been engaged in the financial industry for 10 years, involving forex, futures and stocks. I'm especially good at analyzing and interpreting the market using fundamental data.

      Rank

      10

      Articless

      122

      Win Rate

      46.74%

      P/L Ratio

      0.92

      Focus on

      ETH-USDT, BTC-USDT, XAUUSD

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