ETHUSDT Critical moment as it's testing the BearCycle Resistance
Ethereum (ETHUSDT) has been very bullish in the past three weeks and on the current 1W candle in particular it rose hat much that it hit the Lower Highs trend-line that started on the week of November 29 2021. The test has been (so far) largely unsuccessful as the price got rejected, making it just the 2nd rejection since the April 04 1W candle.
At the same time, the 1W RSI broke above its own Lower Highs trend-line that has been holding since the May 03 2021 weekly candle High! This could be an early signal that ETH will break above its own Lower Highs trend-line and introduce a sustainable long-term bullish trend.
If a 1W closing above this trend-line happens, we can see ETH target the 1W MA50 (blue trend-line), below which we've been trading since the April 04 2022 1W candle. Since there is a Higher Lows trend-line (dotted) since the mid-June bottom involved, we can see in that case a Channel Up (green) materializing. On the other hand, with the 1W MA200 (orange trend-line) supporting, a break below the Higher Lows trend-line, could target the 887.30 June Low.
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At the same time, the 1W RSI broke above its own Lower Highs trend-line that has been holding since the May 03 2021 weekly candle High! This could be an early signal that ETH will break above its own Lower Highs trend-line and introduce a sustainable long-term bullish trend.
If a 1W closing above this trend-line happens, we can see ETH target the 1W MA50 (blue trend-line), below which we've been trading since the April 04 2022 1W candle. Since there is a Higher Lows trend-line (dotted) since the mid-June bottom involved, we can see in that case a Channel Up (green) materializing. On the other hand, with the 1W MA200 (orange trend-line) supporting, a break below the Higher Lows trend-line, could target the 887.30 June Low.
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** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
You may also TELL ME 🙋♀️🙋♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁
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