ETH Breaks Through Resistance! What's Next?
In this post I'm going to cover important support/resistance levels on Ethereum and where I think we're going from here.
As you can see from our last post, ETH rejected perfectly off of the 1229 level and hit our support of 1150 to the tee on Nov 28th! Since then, it's been on a steady uptrend and recently broke that 1229 level and exploded to 1300!
The next big resistance I'm looking at is 1367. This was the previous resistance for most of Oct and I can see us rejecting there at least once. Right now we can see the Wave Fusion indicator flashed two Blood Moons which took us from 1315 to 1280. Right now I'm looking at 1274 as being the micro support on the hourly as it also coincides with the trendline support. If that breaks, I'm looking at 1229 to act as our new MAJOR support as it was resistance 3 times in the past week. If we end up breaking that, then I'm afraid we could go all the way down to 1150 again.
I'm waiting for a buy signal on Wave Fusion before pulling the trigger but closely watching the three support levels mentioned above.
If you have any questions on my technical analysis or indicators used, please leave a comment below or send me a PM :)
Thanks for reading!
As you can see from our last post, ETH rejected perfectly off of the 1229 level and hit our support of 1150 to the tee on Nov 28th! Since then, it's been on a steady uptrend and recently broke that 1229 level and exploded to 1300!
The next big resistance I'm looking at is 1367. This was the previous resistance for most of Oct and I can see us rejecting there at least once. Right now we can see the Wave Fusion indicator flashed two Blood Moons which took us from 1315 to 1280. Right now I'm looking at 1274 as being the micro support on the hourly as it also coincides with the trendline support. If that breaks, I'm looking at 1229 to act as our new MAJOR support as it was resistance 3 times in the past week. If we end up breaking that, then I'm afraid we could go all the way down to 1150 again.
I'm waiting for a buy signal on Wave Fusion before pulling the trigger but closely watching the three support levels mentioned above.
If you have any questions on my technical analysis or indicators used, please leave a comment below or send me a PM :)
Thanks for reading!
🤝 Let's Connect:
🌎 Website - cryptoscripts.com
🐦 Twitter - twitter.com/CryptoScriptsAI
📺 Youtube Indicator Tutorials - youtube.com/c/CryptoScripts
📱 Facebook - facebook.com/CryptoScripts
🌎 Website - cryptoscripts.com
🐦 Twitter - twitter.com/CryptoScriptsAI
📺 Youtube Indicator Tutorials - youtube.com/c/CryptoScripts
📱 Facebook - facebook.com/CryptoScripts
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.