ETH - Macro View for Next Few Weeks
Updated
ETH has seen some major weakness after failing to hold above 280ish which was a retest of a previous uptrend line. Multi-year downtrend line should've acted as support around 220-225ish but considering ETH couldn't hold above this level I expect further downside. The run up to 290 was too much too fast and over the next week or two I expect ETH to drop below 200. 144 EMA is sitting around 190 but I don't expect this to provide strong support and will likely see buying come in at the uptrend line that started in December 2019 between 180-190 with a possible flush down to touch 175ish. From there I think the uptrend line will hold and we will continue moving higher over the next several weeks with the strong likelihood for 300+ in May.
Note
Looking like we may see a bounce on XBT and ETH before next leg lower. We may see 230-235ish over the next couple of days.Note
Hit targets of 230-235ish. We may see a quick move above 235 at some point today/tomorrow but I expect next major move to be down over the next 1-2 weeks.
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