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 below1K 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.
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