Ladies and gentlemen, the Ethereum Time Machine! Welcome back to 2020.
Ethereum’s weekly chart against Bitcoin has reached a major historical support level. This is a critical area where price previously found a strong base before launching into the 2021 bull market. The current retest of this zone suggests that buyers could begin stepping in here, although there’s no confirmed reversal signal yet.
Despite being largely wrong about Ethereum’s performance so far, I’ve maintained a sizable position and have not sold any. The price action has been weak for months, but this area of historical support could provide a foundation for a meaningful bounce.
Volume has increased slightly, which could indicate early accumulation, but confirmation will require more follow-through from buyers. A decisive hold of this support level and a higher low would be the first sign of potential trend reversal. However, if this level breaks down, there’s little visible support until significantly lower levels.
Ethereum’s weekly chart against Bitcoin has reached a major historical support level. This is a critical area where price previously found a strong base before launching into the 2021 bull market. The current retest of this zone suggests that buyers could begin stepping in here, although there’s no confirmed reversal signal yet.
Despite being largely wrong about Ethereum’s performance so far, I’ve maintained a sizable position and have not sold any. The price action has been weak for months, but this area of historical support could provide a foundation for a meaningful bounce.
Volume has increased slightly, which could indicate early accumulation, but confirmation will require more follow-through from buyers. A decisive hold of this support level and a higher low would be the first sign of potential trend reversal. However, if this level breaks down, there’s little visible support until significantly lower levels.
scott.melker@texaswestcapital.com
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.
scott.melker@texaswestcapital.com
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.