ETH/USD - Live Update
Updated
What's up traders, I hope you're all having a good trading week so far. Let's get straight into it!
Ethereum is trading right on a side-wards resistance structure at 606, and has been trading at this level since 3rd June. Price is trading upwards along a side-wards support line, which has now converged into the side-wards resistance line. Price is at a juncture, and price needs to either break upwards, and break downwards.
Supporting the upside, there is a side-wards support line thats recently formed, if price stays above this line, it will mean price is forced to break the side-wards resistance at 612.
If price breaks the support trend line, then we can expect some downside. If price breaks the support trend line, AND also hits the side-wards resistance level, then it is a good sell opportunity.
There is 2 outcomes for Ethereum in the short term. They are:
- If price goes below 597.65 and closes there, then I am expecting downside to continue to 497.40 (Where there is some localized structure which could act as support) or the lower horizontal support zone at 364.00.
- Price stays above 597.65 and breaks out of the side-wards resistance. If this happens, there will be a retest on the side-wards resistance line turned support and then break to the upside.
Please show your support and leave a like and follow - I'd really appreciate it! :-)
Ethereum is trading right on a side-wards resistance structure at 606, and has been trading at this level since 3rd June. Price is trading upwards along a side-wards support line, which has now converged into the side-wards resistance line. Price is at a juncture, and price needs to either break upwards, and break downwards.
Supporting the upside, there is a side-wards support line thats recently formed, if price stays above this line, it will mean price is forced to break the side-wards resistance at 612.
If price breaks the support trend line, then we can expect some downside. If price breaks the support trend line, AND also hits the side-wards resistance level, then it is a good sell opportunity.
There is 2 outcomes for Ethereum in the short term. They are:
- If price goes below 597.65 and closes there, then I am expecting downside to continue to 497.40 (Where there is some localized structure which could act as support) or the lower horizontal support zone at 364.00.
- Price stays above 597.65 and breaks out of the side-wards resistance. If this happens, there will be a retest on the side-wards resistance line turned support and then break to the upside.
Please show your support and leave a like and follow - I'd really appreciate it! :-)
Note
Trade is going exactly as I predicted.I am expecting downside will continue. Before that, there is also a possibility of a short term retest to the side-wards resistance line at 620 before more downside.
I am glad to be your one stop shop for constantly correct Cryptocurrency analysis!
Please leave a LIKE and a follow to motivate me to continue posting charts!
Note
Related publications
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.