🔪 ETHEREUM ⚠️ Multi Time Frame Levels To Keep An Eye On
💬 Ethereum (ETHUSDT) is still looking strong after that massive move up and subsequent quick flash crash. With that in mind, the first order of business will be breaking resistance while staying below clearly defined support at the previous range. Let's take a look at some levels to see what the ETH bulls are up against.
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ETH Support:
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Summary:
We know exactly where resistance and support are, both levels have been very clearly reacted to, and in-fact where both reacted to on Saturday alone. The bulls want to see us break above R1, the bears would love for S2 to be tested and fail. Between R1 and S2 is really indecision at this point. Good luck everyone.
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ETH Support:
- S1: The S/R flip represents the top of the range ETH broke up from before its run. Ideally the bulls never even have to see this support retested. However, if we do make our way down here, this level could hold just like it did in the flash crash.
- S2: This orderblock at the bottom of the previous range is a support of last resort for the bulls. Below this is market structure is broken.
ETH Resistance: - R1: The S/R flip at the previous swing high is our first and only resistance of note on the 30-minute chart. The most important resistance points can be seen on the 4-hour timeframe, but for those to matter, R1 must be broken first.
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Multi Timeframe Outlook:ETH 4h Resistance:
- R1: This S/R flip is really important for the bulls to break soon. This is where the run stalled out previously. It is just asking to be broken and turned into support. Above R1 is bullish, the longer we stay below it, the more uncertain things become short term.
- R2: The orderblock cluster should provide resistance if tested. Bulls would love to see consolidation between R1 and R2 before an attempt to move higher. That would be a great show of strength.
- R3: This S/R flip and orderblock cluster is the main resistance between ETH and a really epic run. We expect stiff resistance here, but it doesn't mean a bull market for ETH ends here (even if it likely does mean it pauses here).
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Summary:
We know exactly where resistance and support are, both levels have been very clearly reacted to, and in-fact where both reacted to on Saturday alone. The bulls want to see us break above R1, the bears would love for S2 to be tested and fail. Between R1 and S2 is really indecision at this point. Good luck everyone.
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