EthereumShort
ETH - Rejection from major structure level
In my last analysis on ETH I stated that if price action could print a daily close above the bear market trendline and resistance area (red zone) that it would increase the probability for higher prices to come for ETH in the near future.
Eth failed to do so and has faced yet another rejection from the bear market trendline (dotted line) and major resistance area(red zone)
Eth is also currently testing the 9 SMA (in blue), a daily close below would signal weakness in ETH
With ETH struggling to make a move above major levels in the market this for me carries a higher probability of price testing the $1500 area support (blue line). If bulls fail to protect this level then I'll be looking at the next major support area as a possible destination which is the trendline support.
A daily close back above the trendline resistance (dotted line) and resistance area would invalidate the above analysis.
Feel free to like and comment your thoughts.
Trade safe Trade Green
Eth failed to do so and has faced yet another rejection from the bear market trendline (dotted line) and major resistance area(red zone)
Eth is also currently testing the 9 SMA (in blue), a daily close below would signal weakness in ETH
With ETH struggling to make a move above major levels in the market this for me carries a higher probability of price testing the $1500 area support (blue line). If bulls fail to protect this level then I'll be looking at the next major support area as a possible destination which is the trendline support.
A daily close back above the trendline resistance (dotted line) and resistance area would invalidate the above analysis.
Feel free to like and comment your thoughts.
Trade safe Trade Green
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