ETHEREUM - Higher Highs & Higher Lows But...
After the dump on the Sept. 12, Ethereum has made a recovery over the 40%.
Currently, it makes nice higher highs and higher lows on the 4h chart but those HH & HL are just on short-term timeframe because September high is still far away and to make confirmed higher high, we have to climb upwards and break above the round number area $300.
At the moment, the price fights with the August low and the semi-round number area which works as a resistance at $250, plus we have a 200 EMA above us which also works as a resistance.
Just a little bounce downwards gave us a bearish chart pattern/continuation pattern "Rising Wedge" (...and the overall trend is down)
If we manage to break upwards from this "Rising Wedge" then like we said our first target is around $300 but to get there ETH' have to break a strong level around $275 and one orange resistance zone, the road above the $300 is not easy but it's definitely doable.
If we break downwards from the continuation pattern "Rising Wedge" then the pattern starts to work and confirms that bearish momentum if we got a candle close below the lower black trendline! Also, if we break it soon, then there is also other trendlines and support areas (brown line and blue line), close below those levels and lines confirms bearishness, let's say a candle close around $210!
Hopefully, those levels and this analysis helped You out a little bit to confirm Your own analysis and if You want to get more those, please visit our site, the link is on the profile!
Please, don't forget to hit the LIKE button to support us!
Best regards!
Currently, it makes nice higher highs and higher lows on the 4h chart but those HH & HL are just on short-term timeframe because September high is still far away and to make confirmed higher high, we have to climb upwards and break above the round number area $300.
At the moment, the price fights with the August low and the semi-round number area which works as a resistance at $250, plus we have a 200 EMA above us which also works as a resistance.
Just a little bounce downwards gave us a bearish chart pattern/continuation pattern "Rising Wedge" (...and the overall trend is down)
If we manage to break upwards from this "Rising Wedge" then like we said our first target is around $300 but to get there ETH' have to break a strong level around $275 and one orange resistance zone, the road above the $300 is not easy but it's definitely doable.
If we break downwards from the continuation pattern "Rising Wedge" then the pattern starts to work and confirms that bearish momentum if we got a candle close below the lower black trendline! Also, if we break it soon, then there is also other trendlines and support areas (brown line and blue line), close below those levels and lines confirms bearishness, let's say a candle close around $210!
Hopefully, those levels and this analysis helped You out a little bit to confirm Your own analysis and if You want to get more those, please visit our site, the link is on the profile!
Please, don't forget to hit the LIKE button to support us!
Best regards!
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