$ETH Pullback before Moon
Hey traders,
Newest update on Ethereum, surprising that the bullish momentum upwards didn't continue after posting that very bullish candle closure on the 4-hour, with no wick, all body, pushed up right against the $416 weekly resistance level. From there we saw your typical bullish flag bleed out and all I have to say is market makers are really playing with the emotions right now. I'm really confused on why we didn't continue pumping to the next level of resistance, $444, there were no clear indicators of a move back downwards and especially with these bullish posted candles, there's nothing I can say except 'market makers'. hahaha
In more seriousness, ETH broke down below $401 support, lost that level support, and found its bottom at $385 at the moment. Now we all know that $385 is the top of the accumulation zone, spanning from $369-$385, very major support/resistance area. I don't think that the price will hold here at $385, although there is a possibility, but there is a greater chance that we see a $369 retest again as well as wick the top of this uptrend that's right next to the $369 level. From there, I can see the price moving sideways for a bit (accumulating) before another move upwards. And on this move upwards, we will regain all our previous levels of support and swing up and touch $470 top of the valley again.
Compared to the king BTC, Ethereum has a little more volatility to it. This means the price can fluctuate & move a lot faster. Saying this, if we dump right here then Ethereum will fall a lot harder than Bitcoin. And if you like to play the market both ways, good on you and short this.
As always please do your own research, I am not a financial advisor.
Newest update on Ethereum, surprising that the bullish momentum upwards didn't continue after posting that very bullish candle closure on the 4-hour, with no wick, all body, pushed up right against the $416 weekly resistance level. From there we saw your typical bullish flag bleed out and all I have to say is market makers are really playing with the emotions right now. I'm really confused on why we didn't continue pumping to the next level of resistance, $444, there were no clear indicators of a move back downwards and especially with these bullish posted candles, there's nothing I can say except 'market makers'. hahaha
In more seriousness, ETH broke down below $401 support, lost that level support, and found its bottom at $385 at the moment. Now we all know that $385 is the top of the accumulation zone, spanning from $369-$385, very major support/resistance area. I don't think that the price will hold here at $385, although there is a possibility, but there is a greater chance that we see a $369 retest again as well as wick the top of this uptrend that's right next to the $369 level. From there, I can see the price moving sideways for a bit (accumulating) before another move upwards. And on this move upwards, we will regain all our previous levels of support and swing up and touch $470 top of the valley again.
Compared to the king BTC, Ethereum has a little more volatility to it. This means the price can fluctuate & move a lot faster. Saying this, if we dump right here then Ethereum will fall a lot harder than Bitcoin. And if you like to play the market both ways, good on you and short this.
As always please do your own research, I am not a financial advisor.
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.