ETH seen from the temporality of 1W we can observe how the previous candle has closed below the 259 support, the current candle is testing the horizontal now covered in resistance, I have indicated a support in the 196 because if the candle does not succeed in claiming the support, it is very possible that the price will fall towards that point to find bullish impulse again and pass the resistance without any problem.
ETH seen from the temporality of 1D we can observe more closely what is happening in the current candle structure, the previous candle managed to close above the support which is generating the necessary demand to keep the price in the current candle above the support, although I see very forced that bullish movement in the last leg, it is very possible that I still manage to climb a few more points and then fall into the area indicated in the chart above by a gray rectangle, this area is located within the price range of 215 – 220.
ETH seen from the temporality of 4H we can see the blue diagonal indicated in the image above, this diagonal has been working as a S / R FLIP where the price has touched repeatedly, currently the candles are testing once again the diagonal, there could be a bullish candle more, however, the volume has been falling as the price fell S / R FLIP, this could be a sign of a possible correction.
ETH seen from the temporality of 1H we can observe the formation of a symmetrical triangle that should take the price up in the short term, I have placed the nearest resistance located at 267 and I have drawn the possible trajectory that could follow the price during this move, a false break with pullback confirmation.
I have also decided to place one more ETH chart within the 1W time frame in which I have drawn the cup & handle setup that the price is forming, it is not yet confirmed, however, what I see in the chart makes me think that the price will make a short correction and then hit a big jump.
In conclusion, I see more signs of a possible correction in the short term, the price could fall towards the price range of 215 – 220 to find enough demand to reach our take profits, in the medium and long term, ETH looks very bullish with a setup cup & handle could reach 378 without any problem.
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.
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