ETH barely holding crucial 2930; downside risk to 2300/1800
ETH now at a very crucial point 1930:
1) 1930 is a horizontal support
2) It is right at the edge of a big triangle from which ETH broke out & went down to retest. (May be just a beartrap since it whipsawed several times inside triangle)
3) It is right at the lower edge of the blue slanted FIB CHANNEL. Losing this, ETH wil consolidate inside the lower green FIB CHANNEL & probably retest the previous low at 2160.
4) 1930 is also exactly at the orange anchored VWAP from 1Jan2022
Losing 1930 will see next impt support at the 2300 green zone. Worst scenario will be the 1800 to 1700 zone.
With US dollar DXY bouncing from 100 \going higher with 10-yr yield & putting pressure on stocks & cryptos, ETH might be making a big running flat for wave 4 & may go down to retest the 2300 to 2160 zone before another leg higher.
The bullish scenario is to recover above 2930 & 3000 & target 3200 & then 3670 resistance. In this scenario, the running flat wave 4 may have already been completed in the form of M-pattern with the low of wave 4 at 2160.
Not trading advice
1) 1930 is a horizontal support
2) It is right at the edge of a big triangle from which ETH broke out & went down to retest. (May be just a beartrap since it whipsawed several times inside triangle)
3) It is right at the lower edge of the blue slanted FIB CHANNEL. Losing this, ETH wil consolidate inside the lower green FIB CHANNEL & probably retest the previous low at 2160.
4) 1930 is also exactly at the orange anchored VWAP from 1Jan2022
Losing 1930 will see next impt support at the 2300 green zone. Worst scenario will be the 1800 to 1700 zone.
With US dollar DXY bouncing from 100 \going higher with 10-yr yield & putting pressure on stocks & cryptos, ETH might be making a big running flat for wave 4 & may go down to retest the 2300 to 2160 zone before another leg higher.
The bullish scenario is to recover above 2930 & 3000 & target 3200 & then 3670 resistance. In this scenario, the running flat wave 4 may have already been completed in the form of M-pattern with the low of wave 4 at 2160.
Not trading advice
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