ETH/USD - Levels To Watch
Diupdate
Whats up traders, I hope you're all had a good trading week.
Here we have ETH/USD on the 2H chart.
ETH/USD has been trading in a consolidation type structure since price had a large downside correction previously. Price has been trading in a structure with a horizontal resistance zone, and a sideway support level, and both of these levels have been dictating price action since the 22nd December.
Price is continuously testing the horizontal resistance zone, and testing the lower side-wards support zone. When price is testing the support, it is having clear higher lows, which I expect to eventually be the reason Ethereum breaks out of the current structure level (When price bounces on a higher low of structure, when price is also near the resistance zone.)
I am expecting Ethereum to pick up some momentum soon. Before this, price might test the sideway support (yet forming a new higher low) at around 690, before a bounce. When the bounce comes into play, price needs to combat 2 above resistance zones. These are:
-Resistance zone 1 / Target 1: Between 750 and 780.
-Resistance zone 2 / Target 2: Between 840 and 870.
Bare in mind, that price could move a lot further than these 2 targets outlined above. The targets above are OBSTACLES for price action, and not necessarily where will price will ultimately stop in this short term uptrend
If price breaks the top resistance zone, there is actually a possibility for an up move all the way to 1110.00. But this would probably take quite some time to materialize, but still, possible.
I will updating this analysis if it receives more than 40 likes.
Here we have ETH/USD on the 2H chart.
ETH/USD has been trading in a consolidation type structure since price had a large downside correction previously. Price has been trading in a structure with a horizontal resistance zone, and a sideway support level, and both of these levels have been dictating price action since the 22nd December.
Price is continuously testing the horizontal resistance zone, and testing the lower side-wards support zone. When price is testing the support, it is having clear higher lows, which I expect to eventually be the reason Ethereum breaks out of the current structure level (When price bounces on a higher low of structure, when price is also near the resistance zone.)
I am expecting Ethereum to pick up some momentum soon. Before this, price might test the sideway support (yet forming a new higher low) at around 690, before a bounce. When the bounce comes into play, price needs to combat 2 above resistance zones. These are:
-Resistance zone 1 / Target 1: Between 750 and 780.
-Resistance zone 2 / Target 2: Between 840 and 870.
Bare in mind, that price could move a lot further than these 2 targets outlined above. The targets above are OBSTACLES for price action, and not necessarily where will price will ultimately stop in this short term uptrend
If price breaks the top resistance zone, there is actually a possibility for an up move all the way to 1110.00. But this would probably take quite some time to materialize, but still, possible.
I will updating this analysis if it receives more than 40 likes.
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