ETH/USD - Watch For Another Buy
What's up traders,
Here we are analyzing ETH/USD on the 8H chart.
I recently analyzed this pair in an earlier analysis. Now the dynamics of the trade have changed I am eager to show the current forecast for the pair.
At current, price is trading at 927, price broke out after supporting on the 20 and 50 moving average, suggesting that the bullish presence we are now seeing is legitimate. Even further that this happened on a higher low.
When analyzing the chart again, I discovered a nice side-wards support line which today is at the value of 875. I suspect that ETH/USD will likely retest this side-wards support level before an up move. If price breaks below this level, there could be a retest of the lower horizontal support at 550 in the longer term before the upside. I hope we do not see the second scenario.
Price will now likely test the side-wards resistance as a new support, but this isn't a deal breaker either way. Coupled with the fact that a retest would again coincide with the moving averages, this could provide a compelling support where once again the big money would be looking to speculate and accumulate.
Bare in mind, if it comes into the lower horizontal support at 550, I doubt there would be much bull presence after.
Also bare in mind that Ethereum is one of the most efficient safe haven currencies. So if you have a low amount of cash, Ethereum 1.54% is your best bet for safety and simultaneous profitability.
I will update this analysis when I receive above 40 likes.
Here we are analyzing ETH/USD on the 8H chart.
I recently analyzed this pair in an earlier analysis. Now the dynamics of the trade have changed I am eager to show the current forecast for the pair.
At current, price is trading at 927, price broke out after supporting on the 20 and 50 moving average, suggesting that the bullish presence we are now seeing is legitimate. Even further that this happened on a higher low.
When analyzing the chart again, I discovered a nice side-wards support line which today is at the value of 875. I suspect that ETH/USD will likely retest this side-wards support level before an up move. If price breaks below this level, there could be a retest of the lower horizontal support at 550 in the longer term before the upside. I hope we do not see the second scenario.
Price will now likely test the side-wards resistance as a new support, but this isn't a deal breaker either way. Coupled with the fact that a retest would again coincide with the moving averages, this could provide a compelling support where once again the big money would be looking to speculate and accumulate.
Bare in mind, if it comes into the lower horizontal support at 550, I doubt there would be much bull presence after.
Also bare in mind that Ethereum is one of the most efficient safe haven currencies. So if you have a low amount of cash, Ethereum 1.54% is your best bet for safety and simultaneous profitability.
I will update this analysis when I receive above 40 likes.
Related publications
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.