Nice push to send us above 2550; price currently testing H1 200EMA (~2650) with 2550 now acting as support. Next critical resistance likely at 2750 followed by 3k.
A recap of this dip shows a high of ~4050 on 12/28 and a low of ~2150 on 1/24, roughly a 50% decrease in a month's time. Although this wasn't the worst correction for
ETH it's definitely similar to those in the past, and therefore may be speculated in a similar manner.
Using the purple trendline (potential new long-term low) as a support marker, we can assume some sort of triangular price movement off the resistances mentioned above (2550, 2750, 3000). In this scenario price consolidation under 2550 (if re-flipped) would extend into early February, consolidation under 2750 to early March, and consolidation under 3k to mid-March. General support should be noted around 2400 in the case we double-bottom.
A recap of this dip shows a high of ~4050 on 12/28 and a low of ~2150 on 1/24, roughly a 50% decrease in a month's time. Although this wasn't the worst correction for
ETH it's definitely similar to those in the past, and therefore may be speculated in a similar manner.Using the purple trendline (potential new long-term low) as a support marker, we can assume some sort of triangular price movement off the resistances mentioned above (2550, 2750, 3000). In this scenario price consolidation under 2550 (if re-flipped) would extend into early February, consolidation under 2750 to early March, and consolidation under 3k to mid-March. General support should be noted around 2400 in the case we double-bottom.
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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.