Ethereum (ETH): Weekly Opening is Bearish / Rejection
Ethereum had a strong bullish movement last week, and this week we are seeing a strong dominance from sellers.
As we see a struggle near the current zone, we might see another re-test of the supportive trend here, so we are keeping our attentions there for now!
The other scenario is where we will have a turnover of trend and we break that current smaller resistance zone (breaking last week's high zones).
Swallow Team
As we see a struggle near the current zone, we might see another re-test of the supportive trend here, so we are keeping our attentions there for now!
The other scenario is where we will have a turnover of trend and we break that current smaller resistance zone (breaking last week's high zones).
Swallow Team
Note
We are seeing a sharp rejection happening from our zone of resistance, where if sellers manage to secure a zone below this resistance, we will see a further movement to lower zones (possibly touching the supportive zone).
Note
In a 4-hour timeframe, we had a nice touch to upper zones about what we talked about last week as well.
Now that we had a nice rejection price, we are going to go for the EMAs and test them, where ideally we should see a breakdown!!
If we see a break of EMAs, we will be looking for further downward movement for sure!
Note
Ethereum is still trading near that zone of turnover where all we can do is wait for a sharp sell-off.
Once we see it, we will start the movement to the lower target zone here, so eyes wide open!!
Note
Ethereum has made amazing moves this week, where the latest catch is the successful re-test of a broken zone.
As we had a successful re-test, we are now looking for further movement to lower zones to happen during the weekend, so let's see how it will go.
Remember, during the weekends, markets can make unlogical moves so be careful!
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