ETHUSD → Retest of support for decline before further growth
ETHUSD breaks the global trend support. The breakout is not false. Local support at 1631 is forming on the chart. After a small correction there are prerequisites for further decline. A wedge is formed on the global timeframe, the price bounces off the resistance and in the format of correction is heading towards the range support. Before the global growth the market is separated by the global descending line (red dotted line)
In the medium term, I expect a rebound from the support of the wedge with further retest of the indicated resistance line. If this area is broken through, the market will get a new potential.
Locally the price is in flat, a break of 1631 will lead the price to fall to the range support and the key liquidity area of 1500. A strong bullish reaction is likely to follow from this area, which could lead the market to a recovery. The moving averages are signaling a breakout of support.
Resistance levels: 1696, 1750
Support levels: 1631, 1501
I expect a breakout of 1631 and reaching 1501 before a further rise to 2021.
Regards R. Linda!
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