ETH / BTC technical analysis [BINANCE]
ETH seen from the temporality of 1W we can observe that it is in excellent zone of purchase, it is the third test on the zone of demand. In relation to the BTC, ethereum is waiting for the dominance of the BTC to begin to fall to have a strong upward movement as we saw previously with bitcoin, we could see ETH reach 83522 as we see marked in the image above.
ETH seen from the temporality of 1D we can observe more closely the zone of demand in which at the moment the price is, in the graph of above I have used the tool of fibonacci to delimit the zone of the current range, ethereum should close above the level 50% of fibonacci, that would be our point of EQ located in the 31214, the first take profit is located in the high range of the structure in the 37598, the second take profit we have it located inside the range of the price of the 54,000 - 57000.
ETH seen from the 3D temporality we can see how the closing price within the range we are going to see a really strong bullish movement.
The dominance of BTC seems to be about to enter a correction that could reach the resistance of the figure, in the chart above I have drawn the possible trajectory that should be following the movement of the candles to continue falling more.
In conclusion, ETH is close to having a strong bullish movement as BTC has done, it is in excellent zone of demand, we just need the dominance of bitcoin to fall for this movement to happen, we need to be attentive to the closing of the 3D candle which should clearly indicate us the re-entry to the range and perfect time to buy.
As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.
In this blog I will be publishing my technical analyses made to different cryptocurrency.
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