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Dowstheory

🚨 ETH ENRTY (rangebound) - MAJOR MOVE IN 2 DAYSHELLO AGAIN TRADERS, As predicted in my last two posts, it is taking a few attempts to definitively break through the DOWS THEORY level (50% retracement) of $3124 and leg up into .5/6.18 range and continue the upward trend. As mentioned previously, looking left on our chart we see the last time we were rangebound in this area following the MAY 2021 crash, it took us nearly 12 days to definitively leg up into the next range between $3124 & the $3428 (.618 fib retracement). WELL, it has been 10 days that we have been attempting to break this overhead resistance and it is my strong belief that we are still in a bullish trend and should break through this overhead resistance in the next few days. The RSI is nearing oversold areas and the macro BITCOIN is still holding above $40k, which is the best indicator that we are still in a bullish range. ENTRY: RIGHT NOW First target: $3124 Second target: $3428 Third target: MOON IF YOU AGREE, PLEASE LIKE AND FOLLOW FOR FUTURE POSTS AND IDEAS!!! (THIS IS NOT FINANCIAL ADVICE)
BITSTAMP:ETHUSDLong
by CLTullmann
🚀 ETH NEXT STOP - $3124 then THE MOON 🌜 GOOD MORNING TRADERS! As you will note from my previous post two days ago, we are approaching the 50% retracement level from the May 2021 crash. Though this 50% level isn't technically a TA level, it is a very well known and respected retracement citing DOWS THEORY. If we are able to break this light resistance level at around $3124 then it would seem we are due for a major local jump on the road to the .618 retracement level around $3428. "Looking left" on the chart you can see that historically it took a few attempts to break through this $3124 level, and was range bound for nearly two weeks prior to definitively legging up to the next range. It should be of note that the RSI is beginning to look oversold, so as we may test levels above $3124, it wouldn't be shocking for there to be a correction down towards the $2850-3000 level before running back up. If it does this would be a great entry point while the RSI is reset and positive momentum build on the MACD. Golden entry: $2800 Realistic entry: ~ $3k 1st target: $3124 2nd target: $3428 3rd target: $3860 We also look to be forming one of my favorite harmonics that I will update later this week if it continues to form. PLEASE LIKE/FOLLOW IF YOU AGREE, and lets discuss what you see in this exciting retrace!
BITSTAMP:ETHUSDLong
by CLTullmann
3
DOWS THEORY AREA NOW RESISTANCE FROM RED WEEK IN MAY!As you can see from my chart, the 50% retracement area from the swing high/low from the largest red week in May is now being respected as a resistance area. Though this is not a fibonacci level, the 50% retracement area as described by Dow remains one of the strongest psychological levels in TA. With this area now serving as a resistance for Ethereum it will continue to test this area until is definitively broken. Based simply on market sentiment, overall trend, and MY OWN OPINION - this asset is headed much higher... as long as it can break this .5 area of resistance from the major swing high to low. Keep an eye on this level however, if this area can not be broken then the next area on support would be located around $2750-$2800. Of course the macro (Bitcoin) will always drive the market, which looks to be in a bullish trend towards $60k. This is not financial advice, however if you enjoyed this analysis please LIKE & SUBSCRIBE <3 <3 <3
BITSTAMP:ETHUSDLong
by CLTullmann