Ethereum Medium-term Analysis
Lets take a look at ETH for the week ahead and highlight some key levels to begin the month of April.
ETH is currently deadlocked within a slightly ascending channel on the daily. In regards to the short term, we have just rejected the $147.50 weekly high and have traded lower today. Like BTC, the weekly closure above/below this key pivot will signal the strength of the bulls.
The next direction is a coin flip currently as well with a break of $150 leading to an upside push and a loss of $142 signaling we will trade into lower support. The next levels of resistance ensuing a breakout higher are the $165 weekly resistance and $180 Monthly resistance regions.
However if we do see a pullback in the overall market: the $135 major pivot is directly below which will be a retest of the counter trendline breakout as well. If we see responsive buying at this level again I believe that could be the retest/bear trap needed to send up back into the prior resistance and rocket ETH higher. But if this pivot is lost we have the daily trendline at $125 to be 1st tested as support. And the $105 weekly and $85 monthly support levels below if the recent bullish push was just a tease lol.
Happy Trading!
ETH is currently deadlocked within a slightly ascending channel on the daily. In regards to the short term, we have just rejected the $147.50 weekly high and have traded lower today. Like BTC, the weekly closure above/below this key pivot will signal the strength of the bulls.
The next direction is a coin flip currently as well with a break of $150 leading to an upside push and a loss of $142 signaling we will trade into lower support. The next levels of resistance ensuing a breakout higher are the $165 weekly resistance and $180 Monthly resistance regions.
However if we do see a pullback in the overall market: the $135 major pivot is directly below which will be a retest of the counter trendline breakout as well. If we see responsive buying at this level again I believe that could be the retest/bear trap needed to send up back into the prior resistance and rocket ETH higher. But if this pivot is lost we have the daily trendline at $125 to be 1st tested as support. And the $105 weekly and $85 monthly support levels below if the recent bullish push was just a tease lol.
Happy Trading!
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