ETHUSD ANALYSIS
Updated
This corresponds to my bitcoin analysis from a few days ago.
If this plays out, Ethereum is currently in a 4th wave (ascending triangle).
Above this triangle is also the golden pocket level from the top in 2021.
This corresponds to the 1-to-1 from the bottom of the triangle.
I am now particularly looking at the level $2,000 - $2,300.
On the lower timeframes, we also see that the RSI is correcting significantly, indicating one more push up to create divergence with the previous local top.
If we can break above the $2,300 level and create a bullish momentum, then there is a high chance that we will see further growth towards the next resistance level around $2,500 - $2,800.
On the other hand, if Ethereum is unable to break above the $2,300 level and no bullish momentum is formed, then there is a possibility of a downward movement.
It is important to monitor the price action and technical indicators to assess whether the bullish expectations are confirmed or if a bearish reversal may occur. It is always wise to be cautious and set stop-loss levels to limit potential losses.
If this plays out, Ethereum is currently in a 4th wave (ascending triangle).
Above this triangle is also the golden pocket level from the top in 2021.
This corresponds to the 1-to-1 from the bottom of the triangle.
I am now particularly looking at the level $2,000 - $2,300.
On the lower timeframes, we also see that the RSI is correcting significantly, indicating one more push up to create divergence with the previous local top.
If we can break above the $2,300 level and create a bullish momentum, then there is a high chance that we will see further growth towards the next resistance level around $2,500 - $2,800.
On the other hand, if Ethereum is unable to break above the $2,300 level and no bullish momentum is formed, then there is a possibility of a downward movement.
It is important to monitor the price action and technical indicators to assess whether the bullish expectations are confirmed or if a bearish reversal may occur. It is always wise to be cautious and set stop-loss levels to limit potential losses.
Note
ANOTHER POSSIBILITY
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