ETHUSD Stop falling?/Bullish Prospective
Updated
BYBIT:ETHUSD
4H trend chart
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1. Resistance
Recently, ETHUSD has vibration in an invert Fibonacci retracement.
Floor of Blue Darvas box and Fib(1) show a resistance currently, so the price might try to touch Fib(1.382) around 2549.15 in future.
2. Support
After price touched Fib(1.272) and Vegas tunnel_676ema , it rallied back rapidly.
ETCUSD is still retesting the support from Fib(1.272) and long-term Vegas tunnel.
We can note previous long consolidation formed a red Darvas box, which ceiling is exactly the support position.
* Ceiling of Darvas box is the resistance when consolidating in box, but will transform into support after breaking out the ceiling.
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From resistance and support level, we presume price eventually test Fib(1.382) which is around 2549.15
Meanwhile, it also touch the downtrend line again.
At that time, if price could rallied back to Vegas tunnel_576/676ema rapidly,
ETHUSD will almost stop falling and consolidate steadily, then go back on bullish continuation.
4H trend chart
-
1. Resistance
Recently, ETHUSD has vibration in an invert Fibonacci retracement.
Floor of Blue Darvas box and Fib(1) show a resistance currently, so the price might try to touch Fib(1.382) around 2549.15 in future.
2. Support
After price touched Fib(1.272) and Vegas tunnel_676ema , it rallied back rapidly.
ETCUSD is still retesting the support from Fib(1.272) and long-term Vegas tunnel.
We can note previous long consolidation formed a red Darvas box, which ceiling is exactly the support position.
* Ceiling of Darvas box is the resistance when consolidating in box, but will transform into support after breaking out the ceiling.
-
From resistance and support level, we presume price eventually test Fib(1.382) which is around 2549.15
Meanwhile, it also touch the downtrend line again.
At that time, if price could rallied back to Vegas tunnel_576/676ema rapidly,
ETHUSD will almost stop falling and consolidate steadily, then go back on bullish continuation.
Note
BYBIT:ETHUSD[4H trend chart]
-
Resistance zone is formed of lows on 9/B~9/M and highs on 9/E
With reversed Fibonacci retracement, support zone is marked.
*You can refer to original analysis, showed how Darvas Box gives a support zone.
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Here, time-space trade off is necessary to wait for the downtrend line keeps going.(blue line)
Therefore, we expect the bumpy ride is going till Oct, and any collapse would get rallied back to Vegas tunnel_144/169ema rapidly.
In the end of this bumpy ride, price breaks out the dashed line, then bullish ETHUSD will go on.
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