ETHEREUM: IN A SITUATION WHERE NO ONE WANTS TO BE.
Hello folks, the FED news did create a negative impact on the market. Here's a quick update on ETH in a higher timeframe.
Timeframe: 3 Days.
Update: Back on June 18, when ETH dropped to $881, it looked pretty messed up but then it created a support level and managed to bounce back 132% ($881 to $2030) in 57 days. Sadly, it couldn't reach the upper trendline line at $2500, and also there was a resistance level between $1700 to $2000.
The current price is struggling to hold the 21 MA support level. If ETH goes beyond this level then it is possible that we will see ETH close to $1k once again. If at all ETH manages to hold the 21 MA then we can expect a bounce. Also, let's not forget that in shorter TF, ETH is under an H&S pattern which is a bearish pattern.
Can we consider ETH close to or below $1k to be a good buying range? It depends on the fundamentals and how the market reacts. I would like to jump in and fill my bags with some ETH.
What is your idea about ETH? Let me know in the comments.
Thank you for reaching my updates. I hope this update was helpful.
I'll see you again until then trade safely.
Timeframe: 3 Days.
Update: Back on June 18, when ETH dropped to $881, it looked pretty messed up but then it created a support level and managed to bounce back 132% ($881 to $2030) in 57 days. Sadly, it couldn't reach the upper trendline line at $2500, and also there was a resistance level between $1700 to $2000.
The current price is struggling to hold the 21 MA support level. If ETH goes beyond this level then it is possible that we will see ETH close to $1k once again. If at all ETH manages to hold the 21 MA then we can expect a bounce. Also, let's not forget that in shorter TF, ETH is under an H&S pattern which is a bearish pattern.
Can we consider ETH close to or below $1k to be a good buying range? It depends on the fundamentals and how the market reacts. I would like to jump in and fill my bags with some ETH.
What is your idea about ETH? Let me know in the comments.
Thank you for reaching my updates. I hope this update was helpful.
I'll see you again until then trade safely.
