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ETHUSDethereum has pulled back a bit during the trading session on Thursday but has found buyers by the end of the day to turn things around and form a bit of a hammer. By forming a hammer, this suggests that Ethereum is going to rally from here, perhaps trying to recapture the uptrend. Furthermore, the 50 Day EMA is reaching above the 200 Day EMA, forming a “golden cross.” Looking at this chart, if we can break above the top of the hammer, one would anticipate that a move to the $3500 level would be possible. The $3500 level has been a significant resistance barrier recently, and it is of course a large, round, psychologically significant figure that will attract quite a bit of headline noise, and perhaps even institutional money. Breaking above that level then opens up the possibility of a move to the $4000 level, which has even more resistance built into it as that is where we had fallen from previously. On the downside, if we were to break through the moving averages, that could have this market looking to take out the $3000 level underneath, which has been important multiple times. Giving that up would then open up a move down to the $2500 level which had been so significant in its support, as we had formed the “double bottom” at that level. Keep in mind that Ethereum is also going through the process of validating the next move in blockchain technology, and as the merge continues, it is very bullish for Ethereum. As it works from proof of work to proof of stake, that will also add more users to the network, thereby driving up the value of a coin. More developers were jumping on to the Ethereum network these days, and that has been a bullish driver as well. As long as there is risk appetite out there, and an overall bullish sentiment when it comes to crypto, is very likely that Ethereum will do fairly well over the long term. This is not to say that there will be the occasional vicious pullback, but that is the nature of crypto in general. In the short term, it looks like the buyers are trying to make a stand, so I am more bullish than bearish, and recognize that we may have a short-term blast higher just waiting to happen.
BITSTAMP:ETHUSDLong
by SmoothJB
ETHEREUM RALLIED AS EXPECTED. IS $3.8K POSSIBLE? Welcome members to this update on ETH update. If you are viewing my post for the first time then do not forget to like and follow. I share updates on the crypto market including margin trading, futures, spot, and scalping. All ideas are my biased opinion and I invest at my own risk. I don't force anyone to buy or sell, I simply share my ideas absolutely for free and it is your sole decision whether to trade on them or use them to understand the market. ETH rallied as expected and till now we have made a great profit on this. So far we are 23% up on ETH and this holding was purely on spot. Now, as ETH has already rallied this high, what could be the upcoming scenario on ETH? Well, I am expecting some retracement soon. The market can't just keep making greens, it needs a balanced act between the red and green candles. We have strong resistance at $3.6k which is the level I am expecting ETH to reach and then retrace back to $3.4k making support level. If ETH gets rejected now then $3.2k to $3k could be the possible drop levels. What's your idea on ETH? Do let me know. Like and follow for more updates. Thank you.
COINBASE:ETHUSDShort
by Dexter_The_Trader
ETHEREUM: A PERFECT RETEST OR A DUMP???Welcome members to this update on ETH. If you are viewing my post for the first time then do not forget to like and follow. I share updates on the crypto market including margin trading, futures, spot, and scalping. All ideas are my biased opinion and I invest in my own risk. I don't force anyone to buy or sell, I simply share my ideas absolutely for free and it is your sole decision whether to trade on it or use it to understand the market. Let's get back to the chart. Ethereum made a bold move by breaking out above the trendline but it wasn't enough to trigger the $3k resistance level. If we consider the horizontal resistance level then it is rejection but if we consider the trendlines then it is a retest before the big jump. To get a clear picture of this, we will have to monitor some key areas. 1. ETH is holding strong support at 21 MA which is exactly above the upper trendline. If you followed my previous update (link in the description) then you will know that so far ETH is exactly following the path I analyzed. 2. The only confirmation of whether ETH is bearish or not lies on the current support level. If ETH breaks down below $2.8k then we can expect ETH to reach the bottom trendline. 3. Looking into the positive side, even if ETH bounces back from the current support level, it still needs to break through the $3k resistance level which will be a real challenge for ETH. And once we are through it then $3.2k, $3.4k, and $3.6k will be the levels for ETH. So, $2.8k is an important level to keep an eye on along with the $3k resistance level. Note: This is not financial advice. This update is for educational purposes only. Let me know what you think about this idea and if you like it then do share the link wherever you can. Let this idea reach as many traders as possible. I will cover more on this until then stay safe and trade well. Thank you.
COINBASE:ETHUSD
by Dexter_The_Trader
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