ETH price analysis support and resistance 02-08-2022


      

   Eth has had a crazy past couple weeks. Down in the gutter one week, and the next everyone is turning bullish again and shouting to the moon!  So enough with all of the noise, let’s take a look and see where we stand!

  ETH 1 day chart

 

Macro price levels

  29a77fa67ae2b6b0ab3140ba2f01f72f8791100f37a1dcbbeb35ba1498fdb90d.jpg  Zooming out on the ETH 1 day chart, we plotted our fibs using the low in August to the ATH, we can see our long term support/resistance values. After suffering a  long term retracement to the 0.786 Fibonacci line, we made a move back up towards the 0.5 at $3278. There’s actually a little range in that area providing resistance as the 0.382 retracement up  is at 3204. Moving above and closing past this mark would have confirmed an upward breakout attempt, however we were denied and sent back down. 

  ETH 4 hour chart

Eth 4 hour chart

  You can see in the 4 hour chart the rejection a little clearer. Two scenarios are in play at this point. The bullish move would be a breakout from here past $3278, with nothing holding us back until the $3525-$3657 range. 
  The unpopular scenario, sees us falling back towards the 0.618 around $2800. I don’t see ETH starting it’s run up yet,sorry guys. There’s been a few coins that temporarily broke their downtrend, but the total crypto market cap is still in a downtrend unfortunately. The best I see right now is one maybe two more attempts at breaking $3278 before retracing back down.  The lowest I see this going currently is down around 2300ish  note in the 1 day picture the trend line being touched when ETH bottoms. If it fell below that, I dunno what to say haha. 

  ETH 1 hour chart

Eth 1 hour chart

 This chart clearly shows the rejection and the current support and resistance we are stuck between at $2807 and $3204. I think  we are gonna do the crabby in this range for a week or two until this bitch decides what she wants to do.  You can see them in the picture, but here are our resistances on the way back to our ATH. Keep in mind there are microfibs in there but I’m not drawing a bunch of lines and too many charts any time soon. I’m focused more on entry and exit points for the longer term

ETH resistance 

  • $3278
  • $3657
  • $4125
  • $4882. 

   Moving even farther out for some big time hopium, here are some major points on the road to our new ATH of $13696

  • $6569
  • $9291
  • $12014
  • $13696

   None of this is financial advice  I’m just an old Harley riding scooter tramp and a hard working shmuck like most of you. These are just my opinions on what will happen. If you enjoyed this article please consider following along. Until next time, don’t let your meat loaf

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Shovelheaddad
Shovelheaddad

I like crypto. How I got here I’m not quite sure. I went from a hard partying, outlaw motorcycle club member to a father of two, investing in crypto to achieve a better life for me and my two little boys


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