ETH (ETH/USD) Is On The Edge!
Ethereum' shows us weakness after weakness and now we trade below the $200.
Currently, we founded a support from a shorter and sharper trendline with six (!!) touches but a bad sign is a weekly candle close below the $200. If the market shows a little weakness then definitely Ethereum' can't hold the price up and it follows the overall trend.
If we start to look our nearest supports then we will see only the blue line which is 09. Sept. support and if this holds we have also a double bottom chart pattern which will indicate the move upwards but if it doesn't hold us then we just don't have any significant supports below the current price because the price was in this area about a year ago.
If we want to see a movement upwards than firstly the whole market has to show us some stability and technically on the ETH' chart we have to take down the round number level $200 and the short-term red trendline . If we take those criteria down then still, it trades below the "Longer&smoother" trendline which is pulled from 01.04 and it starts to work as a resistance!
So, Ethereum' is currently in the very bad area, if it breaks below the blue line then it would mean disaster for ETH'.
Hopefully, those level and this analysis helped You out a little bit to confirm Your own analysis!
Please, don't forget to hit the LIKE button to support us!
Currently, we founded a support from a shorter and sharper trendline with six (!!) touches but a bad sign is a weekly candle close below the $200. If the market shows a little weakness then definitely Ethereum' can't hold the price up and it follows the overall trend.
If we start to look our nearest supports then we will see only the blue line which is 09. Sept. support and if this holds we have also a double bottom chart pattern which will indicate the move upwards but if it doesn't hold us then we just don't have any significant supports below the current price because the price was in this area about a year ago.
If we want to see a movement upwards than firstly the whole market has to show us some stability and technically on the ETH' chart we have to take down the round number level $200 and the short-term red trendline . If we take those criteria down then still, it trades below the "Longer&smoother" trendline which is pulled from 01.04 and it starts to work as a resistance!
So, Ethereum' is currently in the very bad area, if it breaks below the blue line then it would mean disaster for ETH'.
Hopefully, those level and this analysis helped You out a little bit to confirm Your own analysis!
Please, don't forget to hit the LIKE button to support us!
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