Ethereum Getting Support from $4K
Ethereum has retraed to $4020, as we anticipated. Relative highs at $4450 seemed just too top heavy for ETH to sustain, and we quickly declined from there, in a slow but steady selloff. Support levels below $4450 did little to stop the bleeding, but 
4K seems to be holding strong. We are seeing two green triangles on the KRI at $4020, confirming the support. The Kovach OBV has declined sharply, but we do appear to be getting a lift from the floor of 4K. This could be a relief rally into the broader trend. We will see how ETH reacts with $4258, the next level above, to determine if momentum can sustain. If it cannot, then 4K should hold, but keep in mind, the more this level is tested, the more ETH is comfortable breaking down further. The nearest level in the 3K handle is $3861, then there is a vacuum zone to $3646.
4K seems to be holding strong. We are seeing two green triangles on the KRI at $4020, confirming the support. The Kovach OBV has declined sharply, but we do appear to be getting a lift from the floor of 4K. This could be a relief rally into the broader trend. We will see how ETH reacts with $4258, the next level above, to determine if momentum can sustain. If it cannot, then 4K should hold, but keep in mind, the more this level is tested, the more ETH is comfortable breaking down further. The nearest level in the 3K handle is $3861, then there is a vacuum zone to $3646.
Join my discord at discord.io/quantguy
Related publications
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.