Since mid July Ethereum found its bottom at moving average support around 1800.
On the weekly chart we had 4 weeks of consistently increased bull volume day showing a lot of buying interest.
After the 4 week rally we had a pullback/ consolidation for the past 2 weeks. If we look at the weekly chart volume, we can see the bearish stepped in on extremely light volume the 1st week & even less bearish volume the 2nd week.
The daily chart RSI reach overbought levels at the peak of the rally and once price started to consolidate, the RSI cooled off showing bull momentum temporarily took a break.
Price action is also sitting above 10/20/50 day EMA on daily chart acting as support at major levels of 2800 & 3000
Price action is also holding 23% Fibonacci level on the weekly chart which is a great demand zone.
Price action is also holding the 23% Fibonacci level on the daily chart.
I wouldn’t mind seeing a lol delete pullback to the 50 day moving average of the daily chart of 2800 which is also 38% Fibonacci level.
Key level:
Support: 3000
Support: 2800
Resistance 3400
On the weekly chart we had 4 weeks of consistently increased bull volume day showing a lot of buying interest.
After the 4 week rally we had a pullback/ consolidation for the past 2 weeks. If we look at the weekly chart volume, we can see the bearish stepped in on extremely light volume the 1st week & even less bearish volume the 2nd week.
The daily chart RSI reach overbought levels at the peak of the rally and once price started to consolidate, the RSI cooled off showing bull momentum temporarily took a break.
Price action is also sitting above 10/20/50 day EMA on daily chart acting as support at major levels of 2800 & 3000
Price action is also holding 23% Fibonacci level on the weekly chart which is a great demand zone.
Price action is also holding the 23% Fibonacci level on the daily chart.
I wouldn’t mind seeing a lol delete pullback to the 50 day moving average of the daily chart of 2800 which is also 38% Fibonacci level.
Key level:
Support: 3000
Support: 2800
Resistance 3400
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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.