The world’s second largest cryptocurrency Ethereum crossed the $4000 level for the first time, outperforming many other major cryptocurrencies this year. This year alone, ETH/USD has registered more than 437% growth.
Rising institutional demand and limited supply is helping the ETH/USD to go up further, causing many institutes and banks to adapt to Ethereum's technology. Ethereum has proposed a technical adjustment called EIP -1559, which, if implemented, will affect its production and it may result in higher prices.
Technically, next resistance for the pair ETH/USD will be at $4157, which is 423.5% retracement level, while on the downside $3745 will act as a first support. Traders can trade ETH/USD with Deriv.com on DMT5 Financial and DMT5 Financial STP.
It has been over a month now and Bitcoin is still trading sideways ever since it crashed over 18% after hitting an all time high of almost $64986. With such a long sideways move, BTC/USD is bound for a next major move on either side. A slight advantage may be on the bullish side, considering the major uptrend for over a year now. Technically, $61500 might act as the next resistance which is 361.8% retracement, while on the downside major support is at $44500 (261.8% retracement level). Traders can trade ETH/USD with Deriv.com on DMT5 Financial and DMT5 Financial STP.
Gold is trading at its highest level since February - 11 due to lower than expected US employment data last week and lower treasury yields. Also, the weak US $ is helping the yellow metal to rise further. On a daily chart, Gold is trading at just 61.8% Fibonacci retracement level of $1834, next resistance will be at $1858 which will decide the next trend for the prices of Gold. While on the downside, $1770 will continue to act as major support. Traders can trade Gold/USD digital options on Dtrader and CFD Gold(XAU/USD) on DMT5 Financial account.
Silver is trading at nearly a two and half month high. With rising demand for industrial metals, Silver is outperformed by Gold for the month of May. It is going up in an upward sloping channel. On the higher side $28.05-10 will be next resistance, if it manages to cross that level, Silver might move towards its all time high of $30. While on the downside, $26.63 will provide first support followed by major support at $25.50. Traders can trade Silver/USD digital options on Dtrader and CFD Silver(XAG/USD) on a DMT5 Financial account.
The contents of this article do not constitute trading advice and should be treated as general information only.
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