ETH 2x Flexible Leverage Index USD Cryptocurrency Forecast
ETH 2x Flexible Leverage Index USD cryptocurrency price up 2.03% on Saturday
(Updated on Jun 01, 2024)
The ETH 2x Flexible Leverage Index USD cryptocurrency price gained 2.03% on the last trading day (Saturday, 1st Jun 2024), rising from $32.81 to $33.48. During the last trading day the cryptocurrency fluctuated 2.21% from a day low at $32.77 to a day high of $33.49. The price has risen in 5 of the last 10 days and is up by 2.22% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 28 more shares were traded than the day before. In total, 6 thousand shares were bought and sold for approximately $198.66 thousand.
The cryptocurrency lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $34.37 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the cryptocurrency is expected to fall -24.32% during the next 3 months and, with a 90% probability hold a price between $13.68 and $26.01 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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ETH2X-FLIUSD Signals & Forecast
The ETH 2x Flexible Leverage Index USD cryptocurrency holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the cryptocurrency giving a positive forecast for the stock. On further gains, the cryptocurrency will meet resistance from the short-term Moving Average at approximately $33.68. On a fall, the cryptocurrency will find some support from the long-term average at approximately $26.33. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). ETH 2x Flexible Leverage Index USD has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Sunday, May 26, 2024, and so far it has fallen -4.62%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for ETH 2x Flexible Leverage Index USD cryptocurrency
ETH 2x Flexible Leverage Index USD finds support from accumulated volume at $32.81 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This cryptocurrency may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this cryptocurrency is considered to be "very high risk". During the last day, the cryptocurrency moved $0.723 between high and low, or 2.21%. For the last week, the cryptocurrency has had daily average volatility of 2.70%.
The ETH 2x Flexible Leverage Index USD cryptocurrency is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some cryptocurrencies may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the cryptocurrency manages to break the trend before that occurs.
Our recommended stop-loss: $32.30 (-3.50%) (This cryptocurrency has very high daily movements and this gives very high risk. The RSI14 is 84 and this increases the risk substantially. There is a sell signal from a pivot top found 18 days ago.)
Trading Expectations (ETH2X-FLIUSD) For The Upcoming Trading Day Of Sunday 2nd
For the upcoming trading day on Sunday, 2nd we expect ETH 2x Flexible Leverage Index USD to open at $33.25, and during the day (based on 14 day Average True Range), to move between $32.15 and $34.81, which gives a possible trading interval of +/-$1.33 (+/-3.97%) up or down from last closing price. If ETH 2x Flexible Leverage Index USD takes out the full calculated possible swing range there will be an estimated 7.94% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $32.81 (2.01%) than the resistance at $35.52 (6.11%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is ETH 2x Flexible Leverage Index USD cryptocurrency A Buy?
ETH 2x Flexible Leverage Index USD holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: -0.388 Hold/Accumulate Unchanged
Predicted Opening Price for ETH 2x Flexible Leverage Index USD of Sunday, June 2, 2024
| Fair opening price June 2, 2024 | Current price |
|---|---|
| $33.25 ( 0.695%) | $33.48 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ETH2X-FLIUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 33.97 | 1.47 % | |
| R2 | 33.69 | 0.640 % | ||
| R1 | 33.52 | 0.130 % | ||
| Current price: | 33.48 | |||
| Support | S1 | 32.97 | -1.52 % | |
| S2 | 32.80 | -2.03 % | ||
| S3 | 32.52 | -2.86 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 41.68 | 24.49 % | |
| R2 | 40.21 | 20.12 % | ||
| R1 | 35.52 | 6.11 % | ||
| Current price | 33.48 | |||
| Support | S1 | 32.81 | -2.01% | |
| S2 | 28.49 | -14.89% | ||
| S3 | 28.12 | -15.99% |
FAQ
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