Ethereum (ETH): Possible Breakout or Breakdown??
As we mentioned previously, we are 2 sided on ETH (weekly timeframe).
Here you can see a better view of why we are in that spot, While price is trading in between those two yellow zones (support and resistance), we are waiting for a breakout or a breakdown from those zones in order to catch a downward movement or an upward movement.
Overall, on bigger timeframe as well, you can see that sellers are dominating this sideways movement and are suppressing every attempt of upward movement.
So as of now, all we can do is wait and keep a close eye on those zones.
Swallow Team
Here you can see a better view of why we are in that spot, While price is trading in between those two yellow zones (support and resistance), we are waiting for a breakout or a breakdown from those zones in order to catch a downward movement or an upward movement.
Overall, on bigger timeframe as well, you can see that sellers are dominating this sideways movement and are suppressing every attempt of upward movement.
So as of now, all we can do is wait and keep a close eye on those zones.
Swallow Team
Note
Ethereum has made another bounce from the bullish trend here, where this time with a sharp break of EMAs we have formed a nice small CME gap near that bullish trend zone.
As you all know, a CME gap acts as a magnet over some time, and now this is the second CME gap that has been unfilled since September.
So our gameplan is simple: look for a rejection from the upper zone (after some further bullish movement) and then a break of trend, which would result in a fill of the second CME gap!
Note
Ethereum has bounced back nicely and is now approaching the resistance zone, a level where we’ve historically seen pretty good rejections.
Given the substantial upward push without any correction on this timeframe, we’d say this is an ideal spot for a healthy pullback. We’ll start watching closely for potential downward movement from here soon!
P.S. – Keep an eye on the RSI as well!
Note
Since yesterday we had a nice touch to the upper resistance zone, where after that sellers showed dominance and price got rejected.
We are now looking for a few candles to show us further sellers dominance, giving us final confirmations of a good downward movement.
RSI has started a nice downtrend and Bollinger Bands has stabilised as well, ready to fall.
Note
Ethereum coin has a nice 7% market price movement where price moved just as we needed.
Now that we have approached the trend line, we are looking for a quick fill of the CME gap and, from there, a possible further movement to fill that lower CME gap as well (if sellers manage to secure the trend zone).
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