Chart the Market (23/05/2025)
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Chart the Market (23/05/2025)

Published: 23 May 2025,05:26

Published: 23 May 2025,05:26

Chart The Market

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ETH/USD, H4: 

Ethereum (ETH) is staging a strong recovery, extending gains following a brief technical retracement. The cryptocurrency is now testing a critical resistance level near $2,700—its recent high—with a decisive breakout poised to reinforce the bullish trajectory.

ETH is trading comfortably above both its short-term and long-term moving averages, signaling broad-based strength. The breakout from the prior bearish channel was accompanied by elevated trading volumes, reinforcing the conviction behind the move and suggesting that bullish sentiment remains intact.

Momentum indicators also support the bullish bias. The RSI is nearing the overbought zone, while the MACD has crossed above the zero line and continues to trend higher—both reflecting growing upside momentum.

Resistance Levels: 2770.00, 3000.00

Support Levels: 2460.00, 2090.00

EUR/USD, H4

The euro remains in a bullish trajectory against the dollar after breaking above a previously formed Fair Value Gap (FVG). However, the rally faced resistance at the 1.1340 level, prompting a mild technical retracement. The pair has since found support at the key pivot zone around 1.1270, which now serves as a critical level for the near-term outlook.

A decisive move above the 1.1340 resistance could confirm a bullish continuation, potentially paving the way for further upside gains. However, momentum indicators are flashing early signs of fatigue. The Relative Strength Index (RSI) has eased slightly but remains above the 50 mark, indicating a still-positive bias. Meanwhile, the MACD has formed a bearish crossover, suggesting that bullish momentum is beginning to wane.

While the broader trend remains supportive of further gains, traders may look for confirmation from a fresh breakout above 1.1340 or sustained support at 1.1270 to gauge the strength of the next move.

Resistance Levels: 1.1340, 1.1465

Support Levels: 1.1200, 1.1075

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