ETH rejected back below 2750 triggering convergence on H4 MACD + H4/H1 Chaikin crossovers; tentative resistance ~2675-2700 but critical will likely remain in this area. ***Support kicking in around 50EMA (now ~2650) as we look towards a preferable hammer close on current candle; further extension to 2600 (prior breakout threshold) could still occur within this timeframe. I don't really see us entering the previous pattern (outlined purple) although another rejection at neckline could send us to long-term trendline (solid purple) sometime after.
A secondary ascending triangle has been highlighted off a slightly higher support line and 2800 resistance zone. This illustrates both the neckline and support gaps before a breakout could potentially happen. Note that a bearish breakout towards long-term trendline, as stated above, would not be a fully bearish scenario.
*** For yesterday's and today's posts, I want to clarify that the term 'critical' will now refer to any major support/resistance zone. The color indicators will remain the same, where red indicates that the zone is critical in reference to short-term + long-term growth/correction, and black is just in reference to short-term. Short-term will be defined as any period H4 and below, and long-term as D1 and above. Dashed lines will still be used for 'tentative' zones although they may just be referenced as support/resistance in the post.
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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.