ETH/USD has a lot of clear supports and resistances
It's time to take a long term look at ETH. This effect can be made using the fib retracement tool and pulling it from the recent bottom to recent high, and applying all common fib levels higher than 1. Interestingly, the ATH would then be at 7.382. As there's been a lot of noise in the market lately, so i thought I'd sit back and take a nice long term look at this one to try to clear up my thoughts. I'm pretty pleased with how this turned out as a lot of the fib levels match up.
In more recent times, the two dotted trend lines have been creating a nice triangle. We'll see if that turns into a wedge or just denies these levels. Straight trend lines similar to this one, where it doesn't go through any other candles have not been so reliable for ETH as with other cryptos. That's why I decided to use the fib levels a lot more this time.
This chart is not making any predictions. You can use it as a tool to add insight to your own analysis. You can look at some of my previous charts for ETH if you are interested to see more about how my personal view has changed.
Please don't forget to leave a like!
In more recent times, the two dotted trend lines have been creating a nice triangle. We'll see if that turns into a wedge or just denies these levels. Straight trend lines similar to this one, where it doesn't go through any other candles have not been so reliable for ETH as with other cryptos. That's why I decided to use the fib levels a lot more this time.
This chart is not making any predictions. You can use it as a tool to add insight to your own analysis. You can look at some of my previous charts for ETH if you are interested to see more about how my personal view has changed.
Please don't forget to leave a like!
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