Chart the Market (19/05/2025)
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19 May 2025,06:01

Chart The MarketUncategorized

Chart the Market (19/05/2025)

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19 May 2025, 06:01

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ETH, H4: 

Ethereum’s bullish momentum has shown signs of exhaustion after posting a 50% gain in early May. The cryptocurrency has since entered a downward trajectory, falling over 10% from its recent peak and forming a descending channel.

Despite a brief breakout attempt above the channel, the appearance of a bearish engulfing candlestick pattern quickly extinguished hopes of a trend reversal, reinforcing the view that ETH may extend its correction in the near term.

Momentum indicators reflect the fading bullish sentiment. The Relative Strength Index (RSI) has dipped below the 50 neutral line, while the MACD has slipped beneath the zero threshold — both signaling a shift toward bearish momentum that could weigh on price action in the sessions ahead.

Resistance Levels: 2455.00, 2753.00

Support Levels: 2090.00, 1812.00

GBPUSD, H4

The British pound is showing signs of potential upside against the U.S. dollar, with the formation of an inverse head-and-shoulders pattern suggesting a bullish setup for GBP/USD. The pair has repeatedly found support above the 1.3255 level, reinforcing the significance of this zone as a key demand area.

Attention now turns to the neckline resistance near the 1.3330 mark — a descending trendline that, if decisively breached, could confirm the bullish reversal pattern and open the door for further gains.

Despite the constructive price formation, momentum indicators remain muted. The Relative Strength Index is hovering near the neutral 50 threshold, while the MACD continues to consolidate around the zero line, offering little directional bias for now. A clear breakout from current levels may be needed to reignite momentum in the pair.

Resistance Levels: 1.3420, 1.3535

Support Levels: 1.3162, 1.3000

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