ETHUSD - what is next - sub-$230 or $240 and above ?
Hi all,
Ethereum responded quite well to the recent crypto market drop and continues to climb.
The Ascending triangle pattern on the 1-h chart we mentioned yesterday resulted in a great move to $253, so it was a pity how the BitMex drop killed the vibe here.
So, no we have to talk about the bear flag (again 1h chart) that is about to fall on us:
this can drag us down to the zone around $230 eventually.
If we go up to 4-h chart we will see that $230-$232 area is exactly where the short-term uptrend is situated so I do not expect a further decline below that level.
Going macro, it is of critical importance to regain positions above $240. As mentioned a few times already, the $240 level had proofed many times in the past already it is crucial to the trend formation and development, no matter bull or bear, and since 2018 we've seen it act as a solid barrier mainly in front of bulls. Actually they managed to break above it only twice since all-time high and that was in June 2019 and this February.
Cheers,
Ethereum responded quite well to the recent crypto market drop and continues to climb.
The Ascending triangle pattern on the 1-h chart we mentioned yesterday resulted in a great move to $253, so it was a pity how the BitMex drop killed the vibe here.
So, no we have to talk about the bear flag (again 1h chart) that is about to fall on us:
this can drag us down to the zone around $230 eventually.
If we go up to 4-h chart we will see that $230-$232 area is exactly where the short-term uptrend is situated so I do not expect a further decline below that level.
Going macro, it is of critical importance to regain positions above $240. As mentioned a few times already, the $240 level had proofed many times in the past already it is crucial to the trend formation and development, no matter bull or bear, and since 2018 we've seen it act as a solid barrier mainly in front of bulls. Actually they managed to break above it only twice since all-time high and that was in June 2019 and this February.
Cheers,
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