ETH at Resistance Zone
Updated
In my previous analysis i mentioned that at first sight ETH looked good, but was big factor that was a problem for ETH, that was the parabolic shape. To keep things easy, i used a few levels to decide for me which one it would be, the bullish or bearish patterns. After it broke the first support zone, i adjusted the levels to a max of 267, which was the high and have been dropping big since.
Now this is just to show, that sometimes keeping things simple, works out. That way we don't need to overthink things and just look at what the market is telling us at that very moment.
2 days ago, in my BTC analysis, i mentioned that a key level for ETH is around 248. We are very close to that level now, so this should give some resistance. On the right we can see that ETH broke up from that small bull flag but the attempt failed. This makes it pretty dangerous now for the bulls. They need to break 247ish now to keep that danger/pressure away. Now 244/43has been a support zone past day, so if that one would break as well, we could be headed back to that green support zone on the left.
So think we can say, below 245 bears are in favor. Between 245 and 247 its neutral, above it, even though its still a big resistance zone, think bulls might be in favor. Below 243/4, think we could make a small acceleration down.
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Previous analysis:
Now this is just to show, that sometimes keeping things simple, works out. That way we don't need to overthink things and just look at what the market is telling us at that very moment.
2 days ago, in my BTC analysis, i mentioned that a key level for ETH is around 248. We are very close to that level now, so this should give some resistance. On the right we can see that ETH broke up from that small bull flag but the attempt failed. This makes it pretty dangerous now for the bulls. They need to break 247ish now to keep that danger/pressure away. Now 244/43has been a support zone past day, so if that one would break as well, we could be headed back to that green support zone on the left.
So think we can say, below 245 bears are in favor. Between 245 and 247 its neutral, above it, even though its still a big resistance zone, think bulls might be in favor. Below 243/4, think we could make a small acceleration down.
Don't forgett o like if you appreciate this :)
Previous analysis:
Note
Wow, Alts are really getting dumped again. Hoped to see a calm Sunday after yesterday's drop, but seems the whales are just happy to abuse the weekend lower volumes to play their games. As you know, i warned for a Bart move on Bitcoin yesterday, thought for ETH it happened already as described in my analysis. But of course, they made an even much nastier one there, pushing it even to 252.
Things look pretty bad now. If it had managed to stay above the 232ish and then make a decent correction up, then i would still be very open minded for the trend coming week or 2. But like most alts, ETH is completely dead at the moment. There are just not bounces at all (same goes for Bitcoin). Of course there will come a moment it will make that bounce, but at this moment i don't dare to make any predictions on that.
What i can say is, think ETH needs to break that red zone one left coming day or 2, which is around 234, because i think that if that doesn't break soon, we could see another huge dump coming this week. The bear flag target on the right has already been reached, over reached even, showing the weakness of the market currently.
Here below you can see, we are in a slightly similar situation as half year ago. This also shows why i think it could get very ugly if we don't break that 234 zone soon
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