Ethereum, Moving In Downtrend-Channel, Approaching Resistance!
Updated
Hello, Traders Investors And Community, welcome to this analysis about the current situation we are facing with ETHUSD, there are some important signs which developed in the last time after we had this high volatile move to the downside catapulting to the price-level in which we are hanging right now. As I mentioned already in past analysis about the middle-to-long-term structure in ETHUSD we had some significant resistance-levels to face therefore this move was not unexpected, I recommend that you go to my account and look at the analysis on a higher time-frame to have a full-depth-overview. Now we are looking at the locally 4-hour time-frame and there are some fundamental meaningful signs we have to keep in mind currently.
When looking at my chart you can see that ETHUSD fell down from the 214 after a consolidation to form the current low at 180 USD and confirming the overall downtrend-channel in which it is trading at the moment and which you can see in my chart marked with the blue lines. The price-structure we are facing now looks like a double-bottom with potential for a smaller to bigger rally to the overall resistance-cluster you can see in my chart.
Furthermore, there are several resistance levels coming together in the resistance-cluster and therefore validating the resistance there, once it is the 100-EMA which you can see in blue and secondly there is the point of control at the 198 price-level which you see marked in grey in the chart which is confirming as a solid resistance level, therefore, these factors building the overall resistance in that level.
When we touched the resistance we can expect highly likely a continuation to the downside confirming the high volatile bear-move, it is a good opportunity to enter in short to the market, the formation can be traded aggressively with an immediate entry in the resistance-cluster or conservative after confirmation in the resistance-cluster, I will look for a good conservative short-entry in the range there.
Thanks for watching, support for more market insight, and all the best!
Convicition is the search for ultimate meaning.
In this manner: FAREWELL
Information provided is only educational and should not be used to take action in the markets.
When looking at my chart you can see that ETHUSD fell down from the 214 after a consolidation to form the current low at 180 USD and confirming the overall downtrend-channel in which it is trading at the moment and which you can see in my chart marked with the blue lines. The price-structure we are facing now looks like a double-bottom with potential for a smaller to bigger rally to the overall resistance-cluster you can see in my chart.
Furthermore, there are several resistance levels coming together in the resistance-cluster and therefore validating the resistance there, once it is the 100-EMA which you can see in blue and secondly there is the point of control at the 198 price-level which you see marked in grey in the chart which is confirming as a solid resistance level, therefore, these factors building the overall resistance in that level.
When we touched the resistance we can expect highly likely a continuation to the downside confirming the high volatile bear-move, it is a good opportunity to enter in short to the market, the formation can be traded aggressively with an immediate entry in the resistance-cluster or conservative after confirmation in the resistance-cluster, I will look for a good conservative short-entry in the range there.
Thanks for watching, support for more market insight, and all the best!
Convicition is the search for ultimate meaning.
In this manner: FAREWELL
Information provided is only educational and should not be used to take action in the markets.
Note
ANALYSIS UPDATE: ETHEREUM moved on with the main price bounce in the range into the primary support at the lower boundary.Since ETHEREUM stabilized bullish conditions in the lower boundary it could turn the trend around and emerge with a major bullish reversal printing new heights.
►✅JOIN THE BEST+ TOP TELEGRAM TRADING CHANNEL: t.me/VincePrinceForexGoldStocks
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
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.