ETH has been stuck in a downtrend (shown in orange) since the $1400 ATH on 1/13. Keep that in mind before deciding that ETH has suddenly become bullish. ETH has four different sources of resistance; the upper part of the orange downtrend, the pink resistance line, the maroon 20 EMA of the Bollinger Bands, and the blue 50 EMA. ETH finds support around $500 shown with the light blue dotted line.
The pink and light blue circles are justifications as to why the support and resistance were placed where they are. The $500 support was an important price for ETH and it has rebounded from it after briefly dipping to about $450 on 3/18.
ETH has consolidated for about a week around the $711 price from 3/08 to 3/13. ETH will have to break through that resistance before any judgment can be made as to the validity of this brief rebound we are currently seeing.
We are approaching a potential bullish crossover in the MACD after flirting around the -80 range.
ETH has been sliding on the bottom portion of the Bollinger Bands since 3/07 and really widening out the bands. Wait to see if ETH consolidates and narrows those Bollinger Bands before entering.
ETH clearly has a lot of work to do to make up for the massive slide since the start of this year. Pay attention May 14th. Coindesk will be holding a Consensus Event with big financial/tech players like Deloitte, IBM, and Microsoft. This event is obviously not a sure indication that prices will rise but is an important date to consider.
The pink and light blue circles are justifications as to why the support and resistance were placed where they are. The $500 support was an important price for ETH and it has rebounded from it after briefly dipping to about $450 on 3/18.
ETH has consolidated for about a week around the $711 price from 3/08 to 3/13. ETH will have to break through that resistance before any judgment can be made as to the validity of this brief rebound we are currently seeing.
We are approaching a potential bullish crossover in the MACD after flirting around the -80 range.
ETH has been sliding on the bottom portion of the Bollinger Bands since 3/07 and really widening out the bands. Wait to see if ETH consolidates and narrows those Bollinger Bands before entering.
ETH clearly has a lot of work to do to make up for the massive slide since the start of this year. Pay attention May 14th. Coindesk will be holding a Consensus Event with big financial/tech players like Deloitte, IBM, and Microsoft. This event is obviously not a sure indication that prices will rise but is an important date to consider.