Hey, friends hope you are well and welcome the new update on Ethereum (ETH) coin. In this video you will watch how:
The priceline is being consolidated at the $350 support level. The next supports are at $325, $280 and the next resistance levels are at $400 and then $800. In long term, there is no significant resistance between $400 and $800. Therefore in case of breaking out of $400 resistance, the priceline can move to $800 very soon.
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On the daily chart, priceline has broken down 25 and 50 simple moving averages and now retesting the 100 SMA support 1st time after May 2020, and likely to have a nice bounce from here.
On the daily chart from 13 Aug, the price action of Ethereum is moving in a down channel. At the moment the candlesticks are trying to breakout the resistance of the channel in the meanwhile the priceline of the second-largest cryptocurrency is also breaking out the exponential moving averages with the time period of 10 and 21.
After September 2020 the price action has found a very strong resistance on a small-time period 4-hour chart. The Ethereum’s price action has been rejected several times by this rejection line. Now finally the priceline is breaking out this strong resistance line. After this break out the price action can easily breakout the resistance of the down channel on the daily chart.
The priceline of ETH is still moving above the Ichimoku cloud and the Ichimoku cloud is still showing bullish signals.
Conclusion:
On the 4-hour chart, the priceline is breaking out the midterm resistance line. If this resistance will be broken out then we can expect the breakout from the down channel on the daily chart as well. However, as stop-loss, we can use the support of the channel to minimize the risk factor.
