Ethereum Technical Analysis on Christmas 2023 🎅Hi Freinds
In the last week, Ethereum has had a completely neutral movement. If you pay attention to the blue circle drawn in the middle of the chart, you can see that the price has formed a strong upward movement after its neutral movement or range, which is called a spike or sharpie movement.
So we have to wait for Ethereum to start its Sharpie movement. But is this sharpie movement ascending or descending? In the following, we will answer this question by examining several technical points.
As can be seen in the chart, after reaching the level of $1,100 (red circle), the price faced buying pressure and was able to grow again to the level of $1,300. Ethereum has hit this level several times but has not been able to break through this level, which is why it has turned the $1,300 level into a relatively strong resistance.
Currently, Ethereum is still maintaining its current small uptrend until it breaks below the $1,150 level. If this cryptocurrency can remain above the level of $1,200 (fixed), its next target will be $1,350. Another important point is to create a FVG or gap. FVGs are areas that form after a collapse or growth, in fact, areas where the body of the candlestick does not overlap with its next or previous candlestick. These areas are very attractive for retail traders. One of the characteristics of Gap or FVG is that it attracts price like a magnet. Therefore, according to the concept of FVG, we can conclude that the probability of a strong upward movement is higher than a strong downward movement.
Sponsorships: $1,200, $1,150, $1,100
Resistances: $1300, $1350, $1400
Arztoday Team 💙
Analyzer ✍: AR.Rashidi
