Ethereum (ETH): Had A Major Breakout From Resistance
Aggiornato
The ETH coin has had a nice breakout from the major resistance zone, where a new weekly candle pushed even further, breaking 100 EMA fully.
No long poems here so gameplay is simple: we need to see how new weekly candle will close (if we see a nice closure above resistance zone, we will go for major resistance in the upper zones; if we see a closure of the price below current resistance zone, then we will see a nice re-test of the trend line)
It's a classic scenario: price goes for a breakout by intriguing traders for potential further movement to upper zones, but many forget that a re-test is mandatory in such cases.
No long poems here so gameplay is simple: we need to see how new weekly candle will close (if we see a nice closure above resistance zone, we will go for major resistance in the upper zones; if we see a closure of the price below current resistance zone, then we will see a nice re-test of the trend line)
It's a classic scenario: price goes for a breakout by intriguing traders for potential further movement to upper zones, but many forget that a re-test is mandatory in such cases.
Commento
Ethereum's daily timeframe is showing very strong growth, but the last candle also showed that the price is starting to show some kind of weakness!
With that being said, we see a nice reversal to happen here soon towards both 100&200 EMAs
Commento
The price of ETH is still outside the major resistance zone, yet it is not showing any weakness in the weekly timeframe.
Currently, if we continue this kind of movement and successfully close another weekly candle above the resistance zone, we will see further bullish movement, most likely on ETH
Commento
ETH is showing a very strong surge in price. Securing this candle above the resistance line will most likely result in a nice small re-test and a future movement to the upper zones!!
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