ETHUSD - will we see a move to the diagonal resistance today ?
Hi guys,
The situation with ETH is quite similar to the one with BTC (what a surprise). We can clearly see a diagonal resistance in front of bulls, which is part of the symmetrical triangle.
We have more or less the same with Bitcoin
Now, it looks like the horizontal support around $190 is providing stability, in line with the 100-day EMA, so I don't expect a break below that level. This is our next target down.
What is interesting is to see if the price will rebound from $200 today (currently hovering around that level), and make an attempt to break above the diagonal line, which is now situated at $208.
Next level up remains the zone around $220 ($216-$220) - equally important as $200 when it comes to long-term movement.
By the way, if we draw a Fibonacci here, it is visible that ETH was rejected at the 61.80 ($218) retracement level and the price is now more or less in synch with the 50.00. This shows us even more how strong and critical is the $220 mark.
Cheers,
The situation with ETH is quite similar to the one with BTC (what a surprise). We can clearly see a diagonal resistance in front of bulls, which is part of the symmetrical triangle.
We have more or less the same with Bitcoin
Now, it looks like the horizontal support around $190 is providing stability, in line with the 100-day EMA, so I don't expect a break below that level. This is our next target down.
What is interesting is to see if the price will rebound from $200 today (currently hovering around that level), and make an attempt to break above the diagonal line, which is now situated at $208.
Next level up remains the zone around $220 ($216-$220) - equally important as $200 when it comes to long-term movement.
By the way, if we draw a Fibonacci here, it is visible that ETH was rejected at the 61.80 ($218) retracement level and the price is now more or less in synch with the 50.00. This shows us even more how strong and critical is the $220 mark.
Cheers,
