ETH Update: Support at $1650, Resistance at $1900-$2200.
Dear fellow traders,
I would like to extend my heartfelt gratitude to all the members for their unwavering support. Our journey thus far would not have been possible without each and every one of you. Thank you sincerely, on behalf of Dexter and the entire team.
Now, let us delve into the update on Ethereum (ETH) within the two-day timeframe. Presently, the state of ETH leaves us uncertain as to whether it will surge higher or retreat below. Observing the price action, we can identify a modest level of support around $1650, while a formidable resistance zone is established between $1900 and $2200. Reflecting on previous analyses, it becomes apparent that when ETH faced rejection at this resistance, it experienced two minor rebounds ranging from 30% to 40%. Similar price movements may occur again to maintain favorable Relative Strength Index (RSI) levels.
To facilitate comprehension, I present the following validation and invalidation points:
Bullish: A decisive breakout above $2200 would serve as a robust bullish indication, not only for ETH but also for supporting altcoins.
Bearish: A breakdown and subsequent rejection below $1650 would invalidate the bullish scenario, potentially leading to a decline towards $1300.
These are the essential points pertaining to the current state of ETH. I welcome and encourage you to share your ideas and perspectives in the comment section. It would be a pleasure to learn from your insights regarding the market.
Wishing you all the best and safe trading.
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