So it has been a while since I have written an Ethereum analysis. Ethereum is trading between a resistance zone between 474 and 463 and a support zone between 421 and 411. Price movement was looking quite strong since bouncing off the horizontal support and we could see an up move to the side-wards resistance. Price has been weak with the last 2 2 hourly candles, but the selling is very minimum at this time and some buy orders could see price negate the last 2 bear candles quite easily.
Price in the short term needs to make a decision whether it will go higher to the resistance, or lower to the support. If price goes to the support, this will create a triple bottom pattern and would almost inevitably cause some buying even if only for the short term. If price goes to the resistance, I believe price will probably find resistance at the horizontal support/resistance transition level and fall lower again. Whatever happens within this zone will ultimately decide if Ethereum completes a long term bearish flag pattern which would far surpass the support zone outlined on my chart. If price hits the resistance, stays within the zone and picks up move momentum, over time the bulls might be able to negate the long term bearish flag in play with the long term trend and se Ethereum up for some highs, even if only for a while.
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Price in the short term needs to make a decision whether it will go higher to the resistance, or lower to the support. If price goes to the support, this will create a triple bottom pattern and would almost inevitably cause some buying even if only for the short term. If price goes to the resistance, I believe price will probably find resistance at the horizontal support/resistance transition level and fall lower again. Whatever happens within this zone will ultimately decide if Ethereum completes a long term bearish flag pattern which would far surpass the support zone outlined on my chart. If price hits the resistance, stays within the zone and picks up move momentum, over time the bulls might be able to negate the long term bearish flag in play with the long term trend and se Ethereum up for some highs, even if only for a while.
Leave a LIKE and follow. I would really appreciate it. :-)
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