ETH - Most Important LinesHere we have the most important lines drawn for ETH's current short term structure.
In terms of price we have a red and a green line.
The red line represents the strongest level for current sellers to offload. This level is right around $2,850. It was a strong level for old buyers and since price has been trading below it has been flipped into resistance and continues to be a level for sellers. Once price can start closing daily candles above this level it will be flipped back into an important demand zone and price can move higher.
The green line represents the strongest level for current buyers to accumulate. This level is right around $2,150 and has been defended by buyers for the past year with many tests.
If you go back and look at our tradingview posts for the past year you will see how we have been pointing out these levels as extremely important. Current day, not only did the recent top come in at $2,879 but the recent low also came in at $2,111 giving validity to these levels mentioned above.
In addition to these price levels we have also added important trendlines that stretch back many months. A white trendline and two orange trendlines. The white trendline is what we are currently watching to see if it continues to act as resistance. If price is able to break above somewhere within those 2 orange trendlines is where we could see ETH's price top out again. If price is able to break above both orange trendlines that is when we will finally see this bearish momentum flip and start the climb back towards the critical $4,100 level.
