ETH ready to catch out a lot of people!
CryptoAST ETH USD Breakdown
In our last breakdown of ETH, we stated that if BTC makes highs of 9500$ then ETH would make highs of 220-230$ (when this was stated, price had been trading at 185$) before seeing bearish price action once again down to the 195$ level, by which we benefited from by sorting from highs. None the less, we saw that the 195$ level was not broken and before it was used as support, we had exited shorts on two occasions at this level from resistance levels to the upside.
Now, we will conduct another breakdown of ETH to re-assess the situation with ETH currently trading at 210$:
- On the weekly, we can observe that we have just crossed above supporting trend line of wedge, but since it had been broken on the previous incident, it is now a price resistance but even then it was broken to the upside, while price was contained in an ascending channel. Momentum indicators on weekly showing bearish price action from this level.
- On the daily, we can see that down trend line resistance is at 230-235$ and price should not see above this price level. We can see momentum indicators are at bearish levels on the daily ; round table members can see this for themselves, simply by adding the chart settings on. Essentially, for bullish price action to break down, we need to see price drop below 193-195$ and then we can comfortably say that we will revisit the 185$ and 175$ price levels. A break above 220$ and we head to 235$ very comfortably. We do not see price of ETH breaking 270$ in ANY scenario. Seeing as though BTC will most likely make a bear stop hunt before anything, it may be good to say that we should see ETH make highs of 220-230$ before bearish activity resumes and we break out of bullish ascending channel structure and away from supporting trend line of structure.
- On the 4 hourly for ETH, we can see that we have gotten rejections from key places of the momentum indicators and now are making our way to supporting end of trend line at 200$. Specialist candle charting shows that this may not happen just yet as MA’s are used as support on the 4 hourly and once again above should be true in the sense that we test highs of 220$ before bearish price action continues.
* Its important to note that the alts are trading way behind BTC and this should be evidence of market manipulation on bitcoins front. It was not an organic move, which caused the whole market to move as one.
- Once again, please do not fomo as every possible price movement has been outlined to you. We will buy an undervalued market, not a overvalued market.
CHECK OUT OUR TELEGRAM CHANNEL DOWN BELOW FOR TIMELY UPDATES AND EXACT ENTRIES!
In our last breakdown of ETH, we stated that if BTC makes highs of 9500$ then ETH would make highs of 220-230$ (when this was stated, price had been trading at 185$) before seeing bearish price action once again down to the 195$ level, by which we benefited from by sorting from highs. None the less, we saw that the 195$ level was not broken and before it was used as support, we had exited shorts on two occasions at this level from resistance levels to the upside.
Now, we will conduct another breakdown of ETH to re-assess the situation with ETH currently trading at 210$:
- On the weekly, we can observe that we have just crossed above supporting trend line of wedge, but since it had been broken on the previous incident, it is now a price resistance but even then it was broken to the upside, while price was contained in an ascending channel. Momentum indicators on weekly showing bearish price action from this level.
- On the daily, we can see that down trend line resistance is at 230-235$ and price should not see above this price level. We can see momentum indicators are at bearish levels on the daily ; round table members can see this for themselves, simply by adding the chart settings on. Essentially, for bullish price action to break down, we need to see price drop below 193-195$ and then we can comfortably say that we will revisit the 185$ and 175$ price levels. A break above 220$ and we head to 235$ very comfortably. We do not see price of ETH breaking 270$ in ANY scenario. Seeing as though BTC will most likely make a bear stop hunt before anything, it may be good to say that we should see ETH make highs of 220-230$ before bearish activity resumes and we break out of bullish ascending channel structure and away from supporting trend line of structure.
- On the 4 hourly for ETH, we can see that we have gotten rejections from key places of the momentum indicators and now are making our way to supporting end of trend line at 200$. Specialist candle charting shows that this may not happen just yet as MA’s are used as support on the 4 hourly and once again above should be true in the sense that we test highs of 220$ before bearish price action continues.
* Its important to note that the alts are trading way behind BTC and this should be evidence of market manipulation on bitcoins front. It was not an organic move, which caused the whole market to move as one.
- Once again, please do not fomo as every possible price movement has been outlined to you. We will buy an undervalued market, not a overvalued market.
CHECK OUT OUR TELEGRAM CHANNEL DOWN BELOW FOR TIMELY UPDATES AND EXACT ENTRIES!
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