Based on our last analysis, #ETH just rejected the resistance zone and now it's moving below it. The 1st active support will be EMA200 ( Source : low - Timeframe : 2H ) which is located at ~$3420 ! There is a predicted chance for ALTs to have one more dive to their supports before any major movement, Because #TOTAL2 has reached the broken trendline and EMA200 ( Source : Close - Timeframe : 2H ). - Volatility has reached it's limit, So the overall have marked a bearish correction in micro overview !
π Most of the times indicators are not value-able to use on crypto caps/dominance. But here the importance is about the trendline, Any close below will cause another dump on ALTs. So we need to watch for the next 2H's candles on this chart ! - If #TOTAL2 rejects below trendline, Then #ETH will dive below EMA200 to retest the lower support zone ( $3350.11 - $3388.55 ) or trendline. - If next two 2H's candles close above trendline, Then #ETH will bounce from EMA200.
π So you have two levels to set your bids on #ETH's LONG ! - EMA200 - Support zone
π° Is #ETH's movement still bullish ? Based on data we have, The net amount of ETH leaving exchanges just hit a new record ! Over 1.2B worth of ETH left centralized exchanges yesterday; Last time 1B+ left CEXs, Ethereum increased by 60% within 30 days.
- So we can say the major movement is still bullish on sentiment/macro overview.
Hope you enjoyed our analysis about #ETH's possible directionsπ You can support us with your likes. Also you can share your opinion with us in comments πππΌββοΈ
Attention: this isn't financial advice we are just trying to help people on their own vision.