With the crypto markets taking a nice dip over the last few days, whales have been buying up a lot of BTC. So I figured that looking at the second biggest project out there might be worth something to someone.
Checking out Ethereum on the daily, we can see that we broke out of our ascending channel and dipped down -18.44% from our ATH. This price range between $3982 & $4083 marks a key support zone as Ethereum is retesting its previous ATH and investors are optimistic in the projects future projections.
With a quick retest followed by what could potentially be a "tweezer bottom": Where the close of the previous candle and the open of the current candle are at the same price and the close of the current candle surpasses the open of the previous candle.... This is a bullish candlestick pattern as bulls are reclaiming the previous days sell off.
IF BULLISH:
price will increase to the previous ATH of $4868 before showing signs of heavy resistance.
IF BEARISH:
price will return to its daily support trend line and have immense support with the golden fib zone.
The 50 Low Moving Average is showing great momentum as the average low of the last 50 days is at $3941. Ethereum is still selling at a premium. Still well above our 200 Moving Average of $2980. The trend is your friend
The MACD is showing lots of selling volume, nothing that surpasses previous selling volume. If this is the top of daily sell offs, as shown in the past few months at these levels of -97.7, we will see the bulls kick in and buy the undervalued token... using the trend resistance and flipping it to support at the 86.37 levels.
Checking out Ethereum on the daily, we can see that we broke out of our ascending channel and dipped down -18.44% from our ATH. This price range between $3982 & $4083 marks a key support zone as Ethereum is retesting its previous ATH and investors are optimistic in the projects future projections.
With a quick retest followed by what could potentially be a "tweezer bottom": Where the close of the previous candle and the open of the current candle are at the same price and the close of the current candle surpasses the open of the previous candle.... This is a bullish candlestick pattern as bulls are reclaiming the previous days sell off.
IF BULLISH:
price will increase to the previous ATH of $4868 before showing signs of heavy resistance.
IF BEARISH:
price will return to its daily support trend line and have immense support with the golden fib zone.
The 50 Low Moving Average is showing great momentum as the average low of the last 50 days is at $3941. Ethereum is still selling at a premium. Still well above our 200 Moving Average of $2980. The trend is your friend
The MACD is showing lots of selling volume, nothing that surpasses previous selling volume. If this is the top of daily sell offs, as shown in the past few months at these levels of -97.7, we will see the bulls kick in and buy the undervalued token... using the trend resistance and flipping it to support at the 86.37 levels.
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.
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.