ETH ready to DUMP! We're at a very critical level on the Weekly.
Today we've reached a very important resistance level (grey trend line).
This level was a support at $0.42 when ETH was falling from $2.96 back in 2013.
This level was a support at $80 when it was falling from $1500 back in 2018.
Now it became a resistance level with 2 possibilties:
- Either ETH doesn't make it and goes for a correction to $2.200, which would be 50% Fib and 20 EMA.
- ETH breaks the level and goes for a price discovery with a possible target of $8.100
RSI is way overbought and signaling a correction.
MACD is also in the sky, with a light turning signal.
NUPL on "On Chain" is also ready for a correction.
I think a good and healthy correction would be the best to keep growing.
This level was a support at $0.42 when ETH was falling from $2.96 back in 2013.
This level was a support at $80 when it was falling from $1500 back in 2018.
Now it became a resistance level with 2 possibilties:
- Either ETH doesn't make it and goes for a correction to $2.200, which would be 50% Fib and 20 EMA.
- ETH breaks the level and goes for a price discovery with a possible target of $8.100
RSI is way overbought and signaling a correction.
MACD is also in the sky, with a light turning signal.
NUPL on "On Chain" is also ready for a correction.
I think a good and healthy correction would be the best to keep growing.