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Ethtechnicalanalysis

MUST HOLD LEVEL FOR ETHEREUM!Eth has been getting dragged down with the market just like everything else and we are now at a pretty crucial level of support for ETH and if we dont hold this for our daily close there is a good chance we see a fall. We have broken out to the downside of this descending triangle and i have outlined the key pivot points that are in play, green being support, yellow as the pivot point and red as the resistances. We are holding up right on this first green support and we need to hold this level for daily close or the next support we have is the 0.7 FIB level. Now this is a very interesting situation because we are seeing some bearish indicators but to me the RSI is looking like we are due for a reversal, we are just about in the oversold area like a hair away and we could potentially see a fakeout with ETH, a fakeout to the downside of the descending triangle but then could see a recovery back up if this support is held and if our RSI starts to come back up, so this is definitely a hard one to judge on where we are headed, keep in mind if BTC keeps falling our indicators for the time being don't really mean anything. Now the bollinger bands we got to be very careful with as we are starting to ride the bottom band and you guys know what that means... a more than likely fall in price unless we see a recovery and some bull momentum. For sure an important chart to watch for daily close tonight! Not financial advice just my opinion!
BITSTAMP:ETHUSD
by JacobR905
2
ETH and ALTS about to fall??!Ethereum's still struggling to find a way out of this descending wedge now around the middle again, we are currently getting held up by the midline of the bollinger bands and close below we got the 0.6 FIB level. I'm thinking that we are probably going to see a bit of a fall before we head up, even i would say a fakeout to the downside before taking off! We got lots of support but a lot of resistance aswell here, looking at the MACD we are almost to the point of a bearish cross and a histogram flip to bearish, i see us going down probably out of our wedge to the nearest pivot point before heading back up as shown in my pathway. In this situation i think it is very likely we see a fakeout to the downside to shake more people out before then heading up and ultimately rising through the upside of the wedge. This wedge is very prolonged and i believe traders are getting itchy for taking positions and would be looking to open shorts if we see a break of this very long wedge, this is where i think a very possible fakeout would come to play as it would liquidate many traders. theres lots of resistance when looking at the upside aswell but thatll be for a later update TA! Not financial advice just my opinion!
BITSTAMP:ETHUSDShort
by JacobR905
Ethereum going to breakout!!?Eth is looking like we have reversed after a bounce off of the bottom of this descending wedge, now we just rejected off the top for the 9th time but i think we are gaining some steam and we could get a beautiful bounce off the bollinger band midline to then try and breakout again to the upside. The only worry that we might face if we breakout upwards is we will have to have enough momentum to smash through the 0.5 FIB and close above it or we face falling back into the wedge with a sort of "fakeout" scenario. The RSI is just touching down of the 50. point and im hoping we can see a nice bounce off here to try and get us back into an uptrend, this is very key for this whole analysis as if we don't get that confirmed uptrend on the RSI we could still breakout of the wedge upwards but we most likely wouldn't go that far. The MACD looks great aswell we are seeing nice separation in the MA's slowly pushing upwards, the one thing about the MACD is that we are starting to see a slight curl in the blue MA and we don't want to see it start to come down towards the orange, or atleast hope we get a bounce off the orange. If we don't and we get a bearish cross we would probably take a couple day hit to the downside or even just some sideways movement. Not financial advice just my opinion!
BITSTAMP:ETHUSDLong
by JacobR905
Ethereum pullback to 2K??!Ethereum looks like we are going to see a pullback to 2K before we start moving back up again. We saw a break of the 0.5 FIB level and our next major support is just over 2K. We see the MACD has been very jagged recently with multiple bullish and bearish crosses and now we are just seeing the start of another bearish cross. It seems like ETH wants to start moving up but is being held down by BTC just like most of the market. very rare to see a 2 green bar cycle on the macd histogram that's why i think we are being held down. Also something very crucial to watch is that bottom bollinger band we are creeping closer and closer to that bottom band and if we do start riding it we could be in for a significant pullback maybe even lower than 2K. But i personally will see this as a great buying opportunity and will look to grab some more. And we all know the strength of ETH we have already witnessed it earlier in this cycle! Now the RSI does seem to be getting stuck below that 50. point midline and we keep seeing bounces off of it and i wouldn't be surprised if we see another. Remember only when we see a full break above this level and a confirmed hold will ETH be considered in a uptrend. So as we continue like this just like 99.9% of the market we are in a confirmed downtrend and or a mini bear market. I dont think this bullrun is over at all i believe we are just seeing a cooldown with big institutional money flowing into these projects but thats just my opinion! Not financial advice!
BITSTAMP:ETHUSDShort
by JacobR905
1
ETH going to hold the 0.5 FIB!ETH has ran up with 3 green candles pushing through the top resistance of the pennant and aswell as the 0.5 FIB Level, i talked about this in my last TA for eth. We seem to be solidly holding the 0.5 FIB now and we will have to get that confirmation soon, this is a pretty solid support, resistance level imo. Our RSI bounced off the 50. point and we are slightly coming down. we are due for a nice breakthrough into bullish territory after not since later May. The MACD saw a bullish cross recently and we are starting to see nice separation on the MA's bit is still to early to really know. Last the EMA ribbons are very important as they show momentum bullish and bearish and while ETH being in the minority of coins that didnt start to flip bearish with the ribbons we are showing very good resistance from the bulls. We do have to watch these though because if we we're to see a full flip bearish we could be seeing some heavy downside, i feel when the EMA ribbons squeeze hard like this there is momentum building and we are likely to see a pop soon whether that be staying bullish or flipping bearish. NFA just my opinion!!
BITSTAMP:ETHUSDLong
by JacobR905