Top chart is daily with SMMA 20, 50 and 200. Plus RSI.
Bottom chart is the same, but hourly.
After a nice bull run we've got a pull back. Likely we'll pull back further before potentially continuing.
Current status:
- Price has pulled back, we've crossed the daily 50 SMMA going *down* in price.
- On the hourly, it looked like we might form a "power v" which failed, then maybe a "double bottom" which *appears* to have just failed.
- Strong support round the €495/$600 area.
- Hourly downward trendline (red)
- Overall trendline (pink) is still up, so long term still positive.
What next?
Potential support for a range around 20SMMA and the recent support area - so around €404-€460 ($491-$560) - but I wouldn't bet on that. Although this is also around 0.786 fib retrace from ATH, so it might hold.
Aside from that, there's a potential support range between the long term trendline (€234) and 1 fib retracement (€253). If we fell through this, we'd have to rethink.
Overall, I'm still long term bullish on Ether. This pullback is healthy - as long as it doesn't cause a selloff and fall through strong support zones.
At the moment, I'm not in the market placing any trades. I'll wait until we break the current hourly downward trend in a strong fashion before re-entering.
(Secured some profit yesterday, selling some positions taken out around €315, just in case this pullback goes further than desired.
Bottom chart is the same, but hourly.
After a nice bull run we've got a pull back. Likely we'll pull back further before potentially continuing.
Current status:
- Price has pulled back, we've crossed the daily 50 SMMA going *down* in price.
- On the hourly, it looked like we might form a "power v" which failed, then maybe a "double bottom" which *appears* to have just failed.
- Strong support round the €495/$600 area.
- Hourly downward trendline (red)
- Overall trendline (pink) is still up, so long term still positive.
What next?
Potential support for a range around 20SMMA and the recent support area - so around €404-€460 ($491-$560) - but I wouldn't bet on that. Although this is also around 0.786 fib retrace from ATH, so it might hold.
Aside from that, there's a potential support range between the long term trendline (€234) and 1 fib retracement (€253). If we fell through this, we'd have to rethink.
Overall, I'm still long term bullish on Ether. This pullback is healthy - as long as it doesn't cause a selloff and fall through strong support zones.
At the moment, I'm not in the market placing any trades. I'll wait until we break the current hourly downward trend in a strong fashion before re-entering.
(Secured some profit yesterday, selling some positions taken out around €315, just in case this pullback goes further than desired.