Ethereum: The future will be sideways

24 ago 2023

ETHUSD

Weekly: The current price has fallen above the MA52 (annual line), obviously the 0.382 price 1912 of the "Fibonacci retracement" cannot be broken upwards, and the slope of the MA13 (quarterl line) has also begun to decline. In the future, if the price of ETH (Ethereum) wants to return to the upward trend again, it must be a long time.


Daily: The forecast on August 4 that the trading volume from May to now has declined significantly, and it is difficult for Ethereum to have a sharp rise in the market, so the expectation of "cannot rise". As predicted, it fell sharply on August 23, and has now fallen below the lower edge of the "Triangle Convergence Pattern", falling above the MA360 (annual line). If there is more bad news for the cryptocurrency, the price may continue to fall to the 1400 integer support level. Otherwise, the price of Ethereum should to stay above the 1600 integer in the near future.

H4: Judging from the Ethereum trading volume in the past 24 hours, it is impossible for the price to rise sharply, and at most it will be in a sideways above 1600. Swing traders can try to short-position below the pressure 1740. Active traders can try to hold a short-term long position in the 1600 integer (or 1560-1580)

H1: Same the analysis of H4, the trading volume: impossible to rise. The most likely scenario is "Sideways". Active trader can do "trading against the trend" within the support and pressure range shown in the figure.

Trading straregy:
Sideways oscillates. Suggestion: go long at low support, short at high resistance

R1 - 1688
R2 - 1740
R3 - 1800

S1 - 1640
S2 - 1600
S3 - 1560

UHD 4K Pic Link: (TradingView)