The price action of Ethereum is currently attempting to strengthen above the psychologically significant threshold at 2500.00, in what can be considered as an early bullish signal. The cryptocurrency collapsed last week following the sudden Russian invasion of Ukraine, as traders and investors dumped high-risk assets in the search for lower-risk securities. Despite these tribulations, however, Ethereum was able to bounce back promptly, which indicates strong buying pressure existing just below the 2500.00 threshold.
Russia and Ukraine are about to hold ceasefire negotiations in Belarus, which could further alleviate pressure from the crypto market, thereby allowing Ethereum to gain additional bullish momentum. Conversely, if no peaceful resolutions are reached at the present rate, renewed fears would likely drive the price action down. That is why the underlying trading opportunity is only suitable to those traders who can cope with abnormally huge levels of adverse volatility.
At any rate, uncertainty would likely remain elevated in the upcoming weeks, possibly resulting in diminished trading activity as most traders refrain from joining the market. The consequence of this would be greatly subdued liquidity levels, making it more likely for the price action to continue behaving erratically in the near future.
Profit & Loss
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