Ethereum has just left its compression figure and is now testing new media.
- Purchase signals
- Support 4H
Ethereum could bounce on support at $ 400 and reintegrate its compression figure.
Our analysis are entirely done on Binance charts
Ethereum dropped after leaving his compression figure. Nevertheless, a support seems to be forming around 400 USD. If buyers manage to stay above 400 USD and then return the 420 USD, a return to the rise is possible. The support is also visible on the RSI, which evolves near its oversold area. In addition, we are in an oversold zone on our indicators. A return to the upside in the short term seems likely. It will also monitor the price of Bitcoin, if the sellers pass the support at 6800 USD, Ethereum may be impacted also and return the support to 400 USD. If support is broken, the next major support will be around $ 360.
How to take position?
We are in the middle of a movement, the signals are not clear, it is better to wait for a break at 400 USD or a return above 420 USD to position downward (360 USD), or up ( 450 USD), safely..
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Should we expect a new correction?
Our pivots will be decisive, Ethereum must stay above 400, and especially 360 USD to avoid a major new correction. Nevertheless, given the news of the week, a major correction seems unlikely, the probabilities in the medium term lean in favor of buyers.
Key Levels :
- Essentials resistances : 415 – 420 – 440
- Essentials supports : 400 – 360
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.
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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.