✨ ETHEREUM TA AND EDITORS PICK!✨✨ Hey hey! Thanks for joining me! Crazy to think we're here and all today. I'm happy I was able to make a post on Ethereum's ETF being greenlit and so honored that I was picked by Tradingview for the Editor's picks. 3 years I've been here and I'm so grateful to each and every single one of you guys. Took 3 years to get one but it feels well worth and I owe it to all of you. Thanks so much. 🙏
✨ Gonna try and keep this short, I'm sure you all have a lot going on so let's follow up on things. To start us off we've got a chart from yesterday's idea for reference in which we added that ascending channel and spoke on a few subjects including the possibility of a reversal or retracement following the impulse wave up.
✨ So we've got that chart from yesterday's and now here's today's chart with a 15 minute approach for better depth, analysis.
✨ Understandably, we had this battle for support and Ethereum ended up losing a bit of ground once those 20/50 EMA's started flipping, but once we lost the ascending channel and started to exit, traders notably took profits and closed a lot of positions. That's fair though, you see it lose the channel and you don't really know how far things can dip but in this case we've managed to keep above $3,630 and avoid anything too significant, at least for now.
✨ What matters now is who wins this tug of war. Bears and Bulls are notably gonna be fighting as we're sitting in this crossroad with the 20,50 and 200 EMA. If we lose that 200 EMA chances are good that we'll slip back down and have to retest the two support points we've already hit which are labeled in blue.
✨ So we've got that fight on the local timeframe at least, bears want us to lose the 200 EMA and bulls should aim to regain it as well as push to break back into the ascending channel though being that we've not lost it, we should now consider that bottom line of the channel to be resistance should we pull back up there for future reference.
✨ If we end up getting the worst case scenario and we do lose that 200 EMA on the 15 and 30 minute timeframe then we could be facing a drop and possibly retest $3,500. It's been a while since we've been up here so here's a big picture with 3 horizontal levels from past times we we're here, use those 3 levels and feel free to add them, if we should fall thse could be the support points we see.
✨ So basically if we end up getting some sort of flash drop or reversing then look to the 3 points in the chart for reference, hope that helps!
✨ Said this idea would be short and it is, I'll be posting more later so make sure to keep tuned and thanks again, I appreciate all the support, the likes, the follows, the shares, you guys have been nothing short of supportive, thanks for everything! Keep tuned for more till next.
~ Rock '
