Hi all,
Yesterday, ETH followed the example of BTC and made a sharp correction to its price. It erased 5 percent of its value and moved down to $198.
Luckily, it found support at the psychological level of $200 and today is trading a little bit higher, also above the mid-term downtrend, diagonal resistance.
It is also worth noting that during yesterday's drop, the ETHUSD pair hit the lower support around $190 and bounced back immediately. The level is also backed by the 100-day EMA.
What I'll be looking for today is a green candle closure above $200 that can set up the ground for further recovery in the zone up to $216.
Negative scenario: drop to $190-$186 S/R and potential continuation towards $175
Cheers,
Yesterday, ETH followed the example of BTC and made a sharp correction to its price. It erased 5 percent of its value and moved down to $198.
Luckily, it found support at the psychological level of $200 and today is trading a little bit higher, also above the mid-term downtrend, diagonal resistance.
It is also worth noting that during yesterday's drop, the ETHUSD pair hit the lower support around $190 and bounced back immediately. The level is also backed by the 100-day EMA.
What I'll be looking for today is a green candle closure above $200 that can set up the ground for further recovery in the zone up to $216.
Negative scenario: drop to $190-$186 S/R and potential continuation towards $175
Cheers,
Note
Good move yesterday climbing above the mid-term downtrend lineNote
Note
What we need here is a proper consolidation in the current zoneNote
ETH successfully consolidated above $200-$205 yesterday and is now trading at $210, so our target up remains the same - $216-$220.Let' see if this is an ascending triangle being formed on the 1h chart
Note
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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.