ETH to ultimately fall to its knees at 42$
ETH MID-WEEK ROUND UP
Welcome to another episode of our favourite show - ALT-COINS brought to you by FELIX!
What has occurred since our last major breakdown ?
- I stated in our last major breakdown of ETH on our free VIP telegram channel (in our bio on this TradingView page by the way) that ETH is expected to break 133$ ceiling to our target of 80$. We have been calling 133$ initially since highs of 800$ and then adjusted this target to the lower level of 80$ as next significant support. Thereafter, it was stated FINAL downward targets for ETH should end at 42$ before breakout to the upside.
Daily CHART BREAKDOWN
- We can see that ETH is currently seeing resistance from our MA’s and max upside potential is only till 103$. Moreover, currently we look to be heading for a rebound of 80$ support level in order to create a double bottom at this zone before any sort of relief from the bears.
4 HOURLY CHART BREAKDOWN
- We can again see that currently we are creating higher lows and higher highs on our 4 hourly charts since creating lows at 83$. To the minimum, we may need to see a rebound of this zone for our analysis to lay inline with our daily chart breakdown above.
- None the less, its very successful to note that ETH has not broken back into the black trend line on candlestick chart, which was previously a strong resistance and now is a relatively strong support zone until price reaches minimum levels of 83$ before any upside activity to our maximum upside target of 103$.
- Our momentum indicators such as RSI lie at relatively strong levels of support and on RSI it is evident that the black trend line is keeping momentum up on that chart.
- Moreover, RSI/ROC showing bullish activity and looks like a test of the 76 level on RSI/ROC could well be on its way ; this should lie in line with a rise to 103$ previous price floor.
- 200 EMA on 4 hourly chart lies at 133$, and a break of 103$ level will be a good indication of whether we should increase our take profit levels. None the less, the 133$ price ceiling is a maximum threshold and is much stronger than the 103$ previous price floor, which could easily be broken through.
1 HOURLY CHART BREAKDOWN
- On the hourly charts, we can see that we are currently at a level, which could be broken below slightly further before any relief. How so? Well, firstly we have a bearish cross over on our MA’s on the 4 hourly chart. We can also see that RSI/ROC is moving towards support level of 39.55, which historically has acted as support.
- None the less, RSI is holding up very well above black trend line indicated and a fall below this level will detrimentally lead to a fall to 80$ at least, if not previous lows of 83$.
- 200 EMA on the 1 hourly is currently at 98$ and this has historically been a level we have seen significant resistance from the bears.
- Once we get bullish confirmations, I will announce stop loss levels.
ENSURE TO FOLLOW OUR INSTAGRAM PAGE DOWN BELOW AND CLICK THE LINK IN THE BIO FOR OUR VIP CHANNEL TO STAY UP TO DATE!
Welcome to another episode of our favourite show - ALT-COINS brought to you by FELIX!
What has occurred since our last major breakdown ?
- I stated in our last major breakdown of ETH on our free VIP telegram channel (in our bio on this TradingView page by the way) that ETH is expected to break 133$ ceiling to our target of 80$. We have been calling 133$ initially since highs of 800$ and then adjusted this target to the lower level of 80$ as next significant support. Thereafter, it was stated FINAL downward targets for ETH should end at 42$ before breakout to the upside.
Daily CHART BREAKDOWN
- We can see that ETH is currently seeing resistance from our MA’s and max upside potential is only till 103$. Moreover, currently we look to be heading for a rebound of 80$ support level in order to create a double bottom at this zone before any sort of relief from the bears.
4 HOURLY CHART BREAKDOWN
- We can again see that currently we are creating higher lows and higher highs on our 4 hourly charts since creating lows at 83$. To the minimum, we may need to see a rebound of this zone for our analysis to lay inline with our daily chart breakdown above.
- None the less, its very successful to note that ETH has not broken back into the black trend line on candlestick chart, which was previously a strong resistance and now is a relatively strong support zone until price reaches minimum levels of 83$ before any upside activity to our maximum upside target of 103$.
- Our momentum indicators such as RSI lie at relatively strong levels of support and on RSI it is evident that the black trend line is keeping momentum up on that chart.
- Moreover, RSI/ROC showing bullish activity and looks like a test of the 76 level on RSI/ROC could well be on its way ; this should lie in line with a rise to 103$ previous price floor.
- 200 EMA on 4 hourly chart lies at 133$, and a break of 103$ level will be a good indication of whether we should increase our take profit levels. None the less, the 133$ price ceiling is a maximum threshold and is much stronger than the 103$ previous price floor, which could easily be broken through.
1 HOURLY CHART BREAKDOWN
- On the hourly charts, we can see that we are currently at a level, which could be broken below slightly further before any relief. How so? Well, firstly we have a bearish cross over on our MA’s on the 4 hourly chart. We can also see that RSI/ROC is moving towards support level of 39.55, which historically has acted as support.
- None the less, RSI is holding up very well above black trend line indicated and a fall below this level will detrimentally lead to a fall to 80$ at least, if not previous lows of 83$.
- 200 EMA on the 1 hourly is currently at 98$ and this has historically been a level we have seen significant resistance from the bears.
- Once we get bullish confirmations, I will announce stop loss levels.
ENSURE TO FOLLOW OUR INSTAGRAM PAGE DOWN BELOW AND CLICK THE LINK IN THE BIO FOR OUR VIP CHANNEL TO STAY UP TO DATE!
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.