📈Welcome to Ethereum 2.0 Release ( ETHUSDT update) !!📉
Updated
HEY GUYs and GIRLs , what's going on Today ?! 😜
today I want to have a breakdown of the situation that ethereum already has!
so as always first of all ,lets have a look at last previous analysis!
It has been a while since I analyzed Ethereum where I said BUY rumors, sell news. There is not much time left until big event for Ethereum and we are at verge of a Merge .
Since August 14, when I had the last analysis for Ethereum in the daily timeframe has been declinig till now , I alreadt warned and said exactly, that the possibility of falling is high for Eth !
what we saw is that, Eth has broken the rising wedge pattern and lost its recent support zone, which has became a resistance zone .
But recently, from yesterday , the market has been a little bit green that this growth may be temporary. I mean in current situation Bitcoin or Ethereum can retest this higher zone that could be a pullback to higher R zone and again we will likely see further declines!
In this case, it can reaches its lower support in the short or medium term!
Well , as we can see in the CHART in a similar perspective in the weekly timeframe! Bulls wasn't able to push the price of ethreuem more than VWAP line and ETH has rejected exactly by touching this line , so it can see the lower support zone but I believe this zone can hold the eth price once again and can fluctuate and be trading in this trading range between the two higher and lower boundary zone for a while,
so , while it is approaching the merge event , Although some fundamentalists believe that a heavy growth for Ethereum can start soon so in this case if their opinion be true eth can have such a kind of bullish movement like this
,but meanwhile most technicalists confirms my bias and have given a sell signal.
so in this case after a little fluctuation if it loses the lower support, finally it can even witness lower price levels in the mid to long term.
thus, in this case, it can easily fill the territory of the volume gap, and continues movement and reaches lower green demand zone to the restart a new rally there.
1D:
However My analysis for the daily time frame is the same and still active! and if we make a corrective Fibonacci from the bottom to the top, we can see that it has stopped and rejected at 61.8% recently, and before any further fall, it can grow again to high levels and make a pullback.
And if we look from the point of view of Elliott waves, we can see that after an upward impulse wave, it has started its corrective wave, which can complete its B and C waves accordingly.
4H:
But in the 4-hour time frame, we can clearly see that ETH faced a lot of supply after reaching the overbought area and exactly after touching the VWAP line. has been decreasing and fluctuating in a downward channel.
Although it can continue its downward trend until the current support and I expect that if it breaks the upper downward trend line, it can have a pullback to the high resistance level and then face a fall again!
✌️ Good luck with your trading and investing and remember: Trade smart…OR JUST DON’T TRADE!
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👉This analysis is my personal opinion ,not a financial advice ,so do your own research.
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Note
Fundamentalists bullish scenario: technicalists bearish scenario:
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