ETH Ethereum: Key Support Line
Hello friends, today you can review the technical analysis on the 4H (hourly) linear scale chart for Ethereum ( ETHUSD ), a cryptocurrency.
#CryptoPickk noted in the chart:
1) There is a multi-month trendline which the Ethereum price has come close to touching or has bounced off.
2) When the trendline was formed, the price was below it and it was serving as resistance, however since January 2021, the line has been serving it as support (except for the summer 2021 crypto crash).
3) This trendline is extremely important to hold and during the most recent crypto crash, it almost touched this line.
4) Also shown in the chart is the VPVR (Visible Range) where the highest amounts of trades are sitting. Currently the price is stilling above a volatile area shown in the rectangular white color box.
5) One key observation is the Volume is not strong since summer 2021. In order to get the Ethereum price to meet new highs, the Volume needs to come in.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
#CryptoPickk noted in the chart:
1) There is a multi-month trendline which the Ethereum price has come close to touching or has bounced off.
2) When the trendline was formed, the price was below it and it was serving as resistance, however since January 2021, the line has been serving it as support (except for the summer 2021 crypto crash).
3) This trendline is extremely important to hold and during the most recent crypto crash, it almost touched this line.
4) Also shown in the chart is the VPVR (Visible Range) where the highest amounts of trades are sitting. Currently the price is stilling above a volatile area shown in the rectangular white color box.
5) One key observation is the Volume is not strong since summer 2021. In order to get the Ethereum price to meet new highs, the Volume needs to come in.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
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