AT CryptoScan: ETHUSD first recovery in a long time
Did not get to post this earlier, but the BTC post was similar.
Last posted about ETH downside, and it happened in mid November 2022.
Thereafter, ETH consolidated to form a bottom of sorts, and attempted a couple of breakouts after a double bottom and later, higher lows.
Arrows show where I took entries and exits.
1600 is now a resistance, and 1500 a support. Am watching for a close above or, most likely, below these levels. Thereafter, am left wondering if 1400-1420 range would hold as a support. IF it does, then it is really good news, else it would be a painful breakdown to the previous lows.
I am more inclined to see a deep retrace but only to support where I am expecting stronger support demand to re-appear sustainably.
Watch as it unfolds...
Btw, it appears that metaverse coins are probably the hottest in this preview rally. So, will start keeping a closer eye on the likes of SAND and MANA.
Last posted about ETH downside, and it happened in mid November 2022.
Thereafter, ETH consolidated to form a bottom of sorts, and attempted a couple of breakouts after a double bottom and later, higher lows.
Arrows show where I took entries and exits.
1600 is now a resistance, and 1500 a support. Am watching for a close above or, most likely, below these levels. Thereafter, am left wondering if 1400-1420 range would hold as a support. IF it does, then it is really good news, else it would be a painful breakdown to the previous lows.
I am more inclined to see a deep retrace but only to support where I am expecting stronger support demand to re-appear sustainably.
Watch as it unfolds...
Btw, it appears that metaverse coins are probably the hottest in this preview rally. So, will start keeping a closer eye on the likes of SAND and MANA.
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