Hi Traders,
when will ETH hit moon? 🌔
Will ETH in general be able to hit new highs? Thats the big question.
Right now from technical point of view we have bad news for the bulls...
Here are some Short Indications and some points that can make hope...
Short Indicators:
1. Trendline Break - the long trendline was broken with massive Volume and movement on 17th August
2. Lower Highs / Lower Lows - as you can see in the chart we have now made a lower low and also the highs are frequent getting lower. Clear indication for downward trend
3. Moving Average - the price is below EMA200 which is a Short indication as well.
Hope for the Bulls:
But we have also some points which can make the bulls hope...
1.Support
The Zone at $1600 which is a massive support zone is still valid and not broken. As long as we do not break this zone this is quite good
2. Bitcoin Halving
As you might know next year the BTC will halve and mining rewards will half. Less supply with likely same ore even more demand will then cause massive rise of Bitcoin . If this will be the case then ETH will also likely rise - as 2nd biggest Cryptocurrency.
There is always be a correlation of Bitcoin and Altcoins.
Conclusion:
Right now ETH is technically hit. But as long as $1600 does not break there is a chance that a positive newsflow can cause a reversal.
If the $1600 breaks a short breakout trade would be a option to think of.
Wish you all good Trades!
Team tegasFX
when will ETH hit moon? 🌔
Will ETH in general be able to hit new highs? Thats the big question.
Right now from technical point of view we have bad news for the bulls...
Here are some Short Indications and some points that can make hope...
Short Indicators:
1. Trendline Break - the long trendline was broken with massive Volume and movement on 17th August
2. Lower Highs / Lower Lows - as you can see in the chart we have now made a lower low and also the highs are frequent getting lower. Clear indication for downward trend
3. Moving Average - the price is below EMA200 which is a Short indication as well.
Hope for the Bulls:
But we have also some points which can make the bulls hope...
1.Support
The Zone at $1600 which is a massive support zone is still valid and not broken. As long as we do not break this zone this is quite good
2. Bitcoin Halving
As you might know next year the BTC will halve and mining rewards will half. Less supply with likely same ore even more demand will then cause massive rise of Bitcoin . If this will be the case then ETH will also likely rise - as 2nd biggest Cryptocurrency.
There is always be a correlation of Bitcoin and Altcoins.
Conclusion:
Right now ETH is technically hit. But as long as $1600 does not break there is a chance that a positive newsflow can cause a reversal.
If the $1600 breaks a short breakout trade would be a option to think of.
Wish you all good Trades!
Team tegasFX
📈True ECN STP Broker
🌐 tegasfx.com/
🌐 tegasfx.com/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📈True ECN STP Broker
🌐 tegasfx.com/
🌐 tegasfx.com/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.