Hello all. Looking at ETHUSD on the weekly timeframe we see that etherium currently broke bearish out of the falling wedge pattern and currently hold the support at $1500. The question remains where it will go next ? Let us discuss.
Now that etherium broke out of the symmetrical triangle pattern on the daily timeframe and reached its target at $1500 it is evident more than ever that the price of etherium will head further down.
The first level to keep an eye on is the previous all time high level which sits at $1400.
The second level which I think is preciser prediction is the $1100-$1200 level where the 200 Weekly simple moving average and the ascending line of supports are. If this level provides support it is very possible to wick below $1000 and retest $800-$900 support level's. This is where I would set my buy orders.
Third and the most bearish scenario which is less likely to play out is the $200-$250 level's which is the measured move targets of the head and shoulder (green arrow) and the falling wedge patterns (yellow arrow).
I expect a strong bounce once the bottom is in with such low RSI reading of .06.
Let me know what is your price prediction for this bear market in the comments below.
Thanks for reading, and stay tuned. Enjoy.
Now that etherium broke out of the symmetrical triangle pattern on the daily timeframe and reached its target at $1500 it is evident more than ever that the price of etherium will head further down.
The first level to keep an eye on is the previous all time high level which sits at $1400.
The second level which I think is preciser prediction is the $1100-$1200 level where the 200 Weekly simple moving average and the ascending line of supports are. If this level provides support it is very possible to wick below $1000 and retest $800-$900 support level's. This is where I would set my buy orders.
Third and the most bearish scenario which is less likely to play out is the $200-$250 level's which is the measured move targets of the head and shoulder (green arrow) and the falling wedge patterns (yellow arrow).
I expect a strong bounce once the bottom is in with such low RSI reading of .06.
Let me know what is your price prediction for this bear market in the comments below.
Thanks for reading, and stay tuned. Enjoy.