The price is held under resistanceAt the moment, on the 1D timeframe, the price is under the local resistance level and as long as it is kept under it, the probability of continuing the decline is high. The growth scenario can only be considered if the price is fixed above the resistance. Now, it is quite possible to expect a hike in the price to the 9200 zone and there you will need to monitor the reaction of buyers to enter the long.
Gordongekko
Rebound from supportAfter testing the support I wrote about in the previous post, the first signs of recovery appeared. A bullish wedge was formed and confirmed on the 1D timeframe. In the near future, growth is likely to continue, through the formation of a kind of Inverse Head And Shoulders. Therefore, in the near future, I am inclined to continue growing.
Overview of the situation on Ethereum in the medium termAt the moment, the bearish wedge pattern is being formed on the 4-hour and 1-day timeframes (marked on the chart). I expect that the bears will be able to keep the price below the resistance level of 193.40-203.20$ and the correction will continue. I will look for an entry to the short based on what I have said, but it is also worth taking into account the local situation.
Probably update the verticesThe price went up from a narrow range on a large volume. On the 4h timeframe, a full-bodied candle was formed on a large volume and a candle with a long shadow at the bottom, which indicates a buy-off on the part of buyers. In the near future, growth is likely to continue, possibly through testing the mirror support level.
The growth scenario persistsOn the 4h timeframe a pennant has been formed, which is making its way towards the trend, and the trend is now ascending. There is already a designated support level in the range of 8600-8500. Now it is desirable to consider entering long when exiting the figure and fixing the price above the level of 9000.
Wedge on timeframe 1 dayThe wedge was formed on timeframe 1 day. I expect growth of quotes if the price breaks the upper limit of the pattern.
Wedge on the timeframe 1 dayThe price drop is most likely if the price goes below the support of the wedge.