Ethereum is still moving in its range, along the support but fails to pass the resistance at $ 485.
- VOlume down
- Pivot at 485 USD
- ETF bitcoin
The rebound on the support in the uptrend channel took place, Ethereum returns to the pivot at 500 USD.
Our analysis are entirely done on Binance charts
Ethereum is still evolving in its bullish channel. Buyers bounced on the support. A new push towards the pivot at 500 USD seems therefore possible. Nevertheless, for the moment it is Bitcoin which absorbs all the capital. Ethereum could, therefore, continue to rise gradually over the days. Signals on the daily are bullish. In the short term, volumes are rising again. Everything seems to indicate that Ethereum will start rising again before the end of the week.
How to take position?
We are moving in a compression pattern within a bullish channel. We were able to recharge on channel support, we will reload again at 475 and 480 with a return to 500 USD by the end of the week.
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Should we expect a new correction?
It doesn’t seem so. Nevertheless, we will have to remain attentive to our bullish channel. If we leave it down, the correction could resume..
Key Levels :
- Essentials resistances : 485 – 500
- Essentials supports : 475 – 460
Disclaimer: This blog is only the showcase of my work. I expose to you all my personal analyzes, my personal trades, my personal investment decisions, or the positions that I judge good without taking them myself. We do not offer any investment advice and they are not trading instructions. Nevertheless, you are free to copy my judgments if you judge my work satisfactory.
It is important to note and understand that cryptocurrency trading carries serious risks. You can lose capital and more on some platforms. Take this into account and moderate your investment decisions. Never invest money that you can not afford to lose!
Reminder: The analyzes on the page cover a period of 12 to 48 hours and are optimized for Day Trading and not the long position. We give our long positions on our youtube channel.