Ethereum (ETH): Did 60% Move, Time For Correction?
Ethereum has reached one resistance zone on a weekly imeframe, where we are seeing some kind of wekness kicking in (after having more than 60% of market price movement to upper zones).
Ethereum has performed more than great lately where we caught that bounce zone from lower support zone, but it is time to see some small correction in order to get a healthy breakout from resistance and move to new ATHs.
So we are seeking to see some kind of downward movement from here that could drop the price as low as $2,800 (but realistically, we are aiming to see more than $3,100).
Swallow Team
Ethereum has performed more than great lately where we caught that bounce zone from lower support zone, but it is time to see some small correction in order to get a healthy breakout from resistance and move to new ATHs.
So we are seeking to see some kind of downward movement from here that could drop the price as low as $2,800 (but realistically, we are aiming to see more than $3,100).
Swallow Team
Note
Ethereum has reached one major resistance zone within the timeframe, where we are seeing some weakness around it and a possible zone of rejection to occur.
We are looking to see here a good start of downward movement so keep your eyes wide open, as if we see a rejection we might see a good start of downward movement, but if we see a break from here then most likely we will move to new ATHs!
Note
Ethereum has had a 14% drop from current local top zones where price re-tested the supportive zone (which has aligned with 100EMA).
After that liquidity move, we see some signs of recovery, which might turn into a possible break of the local top and further move to the upper zones.
The other case is that we think that 14% drop was just a quick warmup before proper correction, which would result in a move to $2,800 so our attentions currently are at that 100EMA on a 4-hour timeframe and that local top!
Note
Ethereum is doing great so far, where we have formed yet another bounce zone and price seems to have good momentum right now.
We are expecting to see the price reach again $4000 here, where we will wait for a confirmation of a breakout or a rejection.
Note
Ethereum did a nice recovery so far, where the price has been moving slowly to that upper resistance zone where we might see 2 things:
First of all, we might see a rejection from there, which would lead the price back to the bounce zone (which by that time should be aligned with 200EMA as well).
The second case would be breaking this zone, which would result in a good upward movement as it would be a bigger break of structure.
So we are waiting for price to reach this resistance zone and from there we will monitor closely for confirmations of either scenario we have!
Note
Ethereum has made a nice 11% move to upper zones since our bounce zone, where now the price has reached the zone of resistance and is seeing some signs of weakness.
We are looking here for MSB to form on smaller timeframes, which would lead price back to the zone of bounce.
So that's the gameplan for now, waiting for the MSB 😉
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