Ethereum has seen a price drop, trying to recover from overbought conditions while remaining bullish in the short term. CADCHF has resumed a bullish trend, exceeding Fibonacci levels, indicating further potential gains ahead. On the other hand, natural gas prices are forecasted to remain bearish due to negative momentum. Meanwhile, EURJPY has breached resistance levels with prospects for further gains.
Ethereum’s price (ETHUSD) experienced a drop in its intraday trading, showing signs of a slight rebound that could help it to alleviate its current overbought status as indicated by the RSI. The bullish correction trend is still apparent on a shorter timeframe, with Ethereum managing to stay above the EMA50, which acts as dynamic support. Despite the recent decline, there’s hope for recovery and potential gains ahead.
Looking at the CADCHF currency pair, it seems to have jumped back onto a bullish track, having crossed the 61.8% Fibonacci correction level at 174.45, thereby achieving notable gains up to 175.72. The outlook remains positive, with the formation of additional support and encouraging momentum from main indicators. If this positive trend persists, there could be a move toward 176.10, and breaching this resistance might see it reach the 78.1% Fibonacci level at 176.85.
Natural gas prices had a go at climbing, touching $3.550 yesterday, though indicators showed signs of weakening momentum, particularly with stochastic leaving overbought territory. As a result, prices have fallen back to around $3.440, clearing a path for a potential bearish correction. A bearish trend seems likely unless prices can hold above the $3.600 mark, suggesting a decline could target levels of $3.330 and $3.210.
Meanwhile, the EURJPY pair has displayed a vigorous bullish movement, successfully breaking above 163.25 and pushing up to 164.62. This progression brings it ever closer to the next resistance at 164.80. However, it might need to engage in some range-bound trading to gain the additional momentum necessary to surpass this barrier. Should it maintain its trajectory, further gains could see it rise to 165.25 and even 165.80 as targets.
The anticipated trading ranges for today are set between 174.90 and 176.10 for CADCHF, $3.330 to $3.520 for natural gas, and 163.80 to 165.25 for EURJPY. All considered, market analysts predict bullish trends for Ethereum and CADCHF, while expectations remain bearish for natural gas.
