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