Hi all,
As commented on my Friday update for ETH, there were two possible directions it could take. First, a continuation of the downtrend and a drop to the next support zone around $187-190, and then possibly to $175.
The second was to stabilize above the horizontal S/R line at $200 and consolidate for an attack of the next targeted zone near $216-$220.
The ether took the second path and was doing pretty well until it hit the unexpected resistance near $210 as visible on the 1-h chart. The two consecutive failed attempts to break it resulted in a fresh drop to $200, which is also supported by the diagonal resistance turned support.
It is true that the indicator-saturated area near $200 was broken during the weekend, but you see how quickly bulls managed to recover after they were pushed down to $190. Price is gravitating around the psychological level that is $200 and unless we see a major shock on the market I see it as a very stable line of support.
What I expect from here is another push towards $220.
Cheers,
As commented on my Friday update for ETH, there were two possible directions it could take. First, a continuation of the downtrend and a drop to the next support zone around $187-190, and then possibly to $175.
The second was to stabilize above the horizontal S/R line at $200 and consolidate for an attack of the next targeted zone near $216-$220.
The ether took the second path and was doing pretty well until it hit the unexpected resistance near $210 as visible on the 1-h chart. The two consecutive failed attempts to break it resulted in a fresh drop to $200, which is also supported by the diagonal resistance turned support.
It is true that the indicator-saturated area near $200 was broken during the weekend, but you see how quickly bulls managed to recover after they were pushed down to $190. Price is gravitating around the psychological level that is $200 and unless we see a major shock on the market I see it as a very stable line of support.
What I expect from here is another push towards $220.
Cheers,
