The resistance at 320 USD was reached but the buyers could not break it.
- Bullish RSI
- Bullish MACD
- Major support
- Bearish channel
Ethereum goes back down, the underlying trend is intact.
Our analysis are entirely done on Binance charts
The short-term trend is still bullish. Nevertheless, buyers are unable to leave the downtrend channel in the medium term. The next few hours will be decisive. Buyers must stay above the support at 290 USD to avoid a correction to 230 USD. As long as the support is intact, we are safe from correction. Nevertheless, the pressure is bearish. Signals on our indicators are uncertain. Better wait until Ethereum is out of the downtrend to regain a position, the trend remains very uncertain. In all cases, a pullback to 500 USD is expected.
How to take position?
We are waiting for the pullback at 500 USD. Nevertheless, a new bottom could form around 230 USD if sellers break the support to 290 USD. We will wait for Ethereum to exit its downtrend channel (350 USD) to take a position to return to 500 USD.
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Should we expect a new correction?
We have reached a bottom, the trend seems to be starting to rise again. We are immune from a correction as long as prices are held above the pivot at 290 USD.
- Essentials resistances : 300 – 320 – 350
- Essentials supports : 230 – 250 – 290
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.