Welcome to this Ethereum update in 4 hours timeframe.
Do click the follow button if you haven't done it yet.
So, what do we have here on ETH? We recently saw a nice dump in the entire crypto market except for some altcoins like NEAR, ALGO, AST, etc. This dump carried ETH along with it and we saw a straight dump of -24% from $3973 to $3015.
This drop left some support levels and resistance which we will discuss further.
Previously, ETH bounced back from the lower supporting trendline but failed to break above the 21 MA. Currently, it is testing the lower trendline once again which could be a good area to accumulate some if we get positive confirmation. Now, if ETH fails to bounce back from its support which is at $3246, it will probably fall further down to test another support which is at $3022.
Breaking below the $3k support will be a red alert for ETH. We will talk more about that if ETH reaches to $3k level but as of now let's focus on the first support.
It might even be possible that ETH will not reach the support once again and bounce back from the current level.
Either way, a bounce may probably lead the price back to $4k.
What do you think? Will ETH fall? Will it rally up even when BTC is dumping? Will BTC reach its ATH?
Do share your opinion in the comment box. I would love to hear it from you guys as well.
That's it from my end. I hope you find this information valuable.
See you soon.
Do click the follow button if you haven't done it yet.
So, what do we have here on ETH? We recently saw a nice dump in the entire crypto market except for some altcoins like NEAR, ALGO, AST, etc. This dump carried ETH along with it and we saw a straight dump of -24% from $3973 to $3015.
This drop left some support levels and resistance which we will discuss further.
Previously, ETH bounced back from the lower supporting trendline but failed to break above the 21 MA. Currently, it is testing the lower trendline once again which could be a good area to accumulate some if we get positive confirmation. Now, if ETH fails to bounce back from its support which is at $3246, it will probably fall further down to test another support which is at $3022.
Breaking below the $3k support will be a red alert for ETH. We will talk more about that if ETH reaches to $3k level but as of now let's focus on the first support.
It might even be possible that ETH will not reach the support once again and bounce back from the current level.
Either way, a bounce may probably lead the price back to $4k.
What do you think? Will ETH fall? Will it rally up even when BTC is dumping? Will BTC reach its ATH?
Do share your opinion in the comment box. I would love to hear it from you guys as well.
That's it from my end. I hope you find this information valuable.
See you soon.
Note
ETH is under the blue box and bouncing exactly from the lower trendline. It can be a possible bounce from this level but we must wait for confirmation.
The daily close above $3400 will be amazing.
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.
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.