Ethereum Analysis: Up, Up, and Away? Or Down Another Day?
Currently the price is testing a strong point of resistance and facing selling pressure.
The last resistance test, two weeks ago, failed and sold off down to the support line in the channel.
Support proved to be strong enough to bring the price action to where it is now.
So what happens next?
This chart lacks near term visibility.
From looking at the hourly timeframes and the daily timeframe, the near term has a mix of signals, but they are predominantly bearish.
If a retest of support occurs, the key point of support to watch, will be how the price reacts to the channel.
A near term sell off target could be ~1820.
However, any sell off would likely be profit taking, as the larger time-frames are setting up for a run.
I would put the near term sell off at a 60% chance
And the longer term run at a similar 60% probability.
If right, price should sell over the next few hours or 1-2, before picking back up and testing resistance again.
A contrasting view would be, of the short terms runs up, we would be watching the resistance within a price range of ~2080-2200
As always, this is just a forecast.
The last resistance test, two weeks ago, failed and sold off down to the support line in the channel.
Support proved to be strong enough to bring the price action to where it is now.
So what happens next?
This chart lacks near term visibility.
From looking at the hourly timeframes and the daily timeframe, the near term has a mix of signals, but they are predominantly bearish.
If a retest of support occurs, the key point of support to watch, will be how the price reacts to the channel.
A near term sell off target could be ~1820.
However, any sell off would likely be profit taking, as the larger time-frames are setting up for a run.
I would put the near term sell off at a 60% chance
And the longer term run at a similar 60% probability.
If right, price should sell over the next few hours or 1-2, before picking back up and testing resistance again.
A contrasting view would be, of the short terms runs up, we would be watching the resistance within a price range of ~2080-2200
As always, this is just a forecast.
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