Ethereum (ETH): Possible Zone of Rejection / Hammer Candle

16 Des 2024

+60% movement on Etherum we had so far, where last week we reaced the resistance zone, forming a hammer candle right there as well.

With that being said, we have 2 ways from here; now considering the candle we formed with a long wick, we might see a break of structure on smaller timeframes and a price to move to new ATHs.

If we do not see a break of resistance, then we will re-test the lower zones.

We are expecting to see a breakout anytime soon so eyes wide open!!!

Swallow Team

16 Des 2024

Catatan

Ethereum is re-testing the resistance zone on the 4H timeframe.

During the weekends we had the re-test of our bounce zone, where we were also lying our entry for short position but yet it failed to break and went back to upper zones!

We are not keeping attention on that resistance zone for any signs of breakout or if we see a weakness to kick in, then the 200EMA line is our point of interest!

17 Des 2024

Catatan

Ethereum is still pressuring the resistance zone, which might indicate another breakout to happen soon!!

We are looking at the target of $4,400-$4,500 once we manage to breakout from the local resistance zone.

Now if we fail to breakout, then most probably we will head back to the bounce zone, where we will look for the next move to form!

18 Des 2024

Catatan

Ethereum has done a decent rejection but nothing too much to consider it as a start of downward movement.

Now that we had a nice rejection, our attentions are at that bounce zone near 200EMA, where upon breaking it we might see the start of downward movement.

On the other hand, if we bounce from there again, then we will just trade in between the zones of resistance and 200EMA basically.

So now we wait for 200EMA to be reached 😉

19 Des 2024

Catatan

Ethereum has reched again the zone of bounce where price failed to break and seems to have a solid support formed there.

We are looking now for that upper resistance to be tested one more time and then possibly break it as well!!!

20 Des 2024

Catatan

Ethereum has broken the bounce zone, which now might result in a further downward movement towards the $2800, where is our next point of interest (support and unfilled CME gap as well).

If all plays out nice, this would be a great reset for the coin, which would probably be bought up later by buyers and give a proper breakout of the resistance zone (possibly also a new ATH).