ETH/USD at Critical Juncture:
Overview:
The daily chart provides a more granular view of the recent price action and highlights shorter-term trends and key levels for
ETHUSD
Key Technical Points:
1. Trendline and Channel Patterns:
- The price is navigating within a smaller descending channel within the larger weekly channel.
- A breakout from this descending channel could signal the start of a new bullish phase or continuation of the downtrend.
2. Fibonacci Retracement Levels:
- The daily chart also respects the Fibonacci retracement levels, with the 0.618 retracement at around $3,700 acting as recent resistance.
- The 0.5 and 0.382 levels at $3,121 and $2,820 respectively, are crucial for determining the next price direction.
3. Moving Averages:
- The daily 50MA has been a critical level of resistance recently. The price needs to break and hold above this moving average to confirm a bullish reversal.
- The daily 200MA is providing long-term support and is currently around the $2,820 level.
4. Volume Analysis:
- Volume spikes have coincided with key price movements, indicating strong interest at critical levels.
Conclusion
The daily chart indicates a struggle with resistance around $3,121. A break above the 50MA and 0.618 retracement would confirm a bullish reversal. Support at $2,820 is key for maintaining the bullish outlook; otherwise, lower levels might be tested.
The daily chart provides a more granular view of the recent price action and highlights shorter-term trends and key levels for
ETHUSDKey Technical Points:
1. Trendline and Channel Patterns:
- The price is navigating within a smaller descending channel within the larger weekly channel.
- A breakout from this descending channel could signal the start of a new bullish phase or continuation of the downtrend.
2. Fibonacci Retracement Levels:
- The daily chart also respects the Fibonacci retracement levels, with the 0.618 retracement at around $3,700 acting as recent resistance.
- The 0.5 and 0.382 levels at $3,121 and $2,820 respectively, are crucial for determining the next price direction.
3. Moving Averages:
- The daily 50MA has been a critical level of resistance recently. The price needs to break and hold above this moving average to confirm a bullish reversal.
- The daily 200MA is providing long-term support and is currently around the $2,820 level.
4. Volume Analysis:
- Volume spikes have coincided with key price movements, indicating strong interest at critical levels.
Conclusion
The daily chart indicates a struggle with resistance around $3,121. A break above the 50MA and 0.618 retracement would confirm a bullish reversal. Support at $2,820 is key for maintaining the bullish outlook; otherwise, lower levels might be tested.
Disclaimer
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