ETH/USDT : Possible directions and targets

8 Mei 2021

ETHUSDT
Hello everyone 😃

ETH is breaking out the rising wedge.
Now; there are two scenarios for ETH now !
1️⃣ Retest the broken level and bounce to mentioned targets
2️⃣ Fail to hold above wedge and gets back into it again

1️⃣ Retest the broken level and bounce to mentioned targets :
ETH had a breakout above rising wedge on last candle, Now MACD turns bullish again and there is huge volume being traded in last hours..
However we might see a correction in market; But it won't affect very bad, If any affection leads ETH into rising wedge; Then we should search for 5th touch for breakout again !
Now as ETH is above rising wedge, We should search for logical targets; There are two targets based on FIBBO retracement levels which are located at $4140 and $4400.
So you can make a sell order at this level; Also you can add a safe target below 4K resistance.

2️⃣ Fail to hold above wedge and get back into it again :
There is low possibility for ETH to dive into rising wedge again, But what if it happens ?
If ETH rejects to hold above broken level, Then bulls will attempt to break the rising wedge at the 5th touch based on it's rule !
So there will be added extra scenario for ETH, If the pair gets back into wedge and the other one will be a rejection below this rising wedge.
Based on latest data about last formed rising wedge on ETH which is happened around Feb.21; There was a failed attempt from bulls to break rising wedge on last candle before drop.
Also MACD had a bearish crossover..
It seems that MACD had a bearish crossover but bulls recovered it.


So there is a opportunity for bears to rejects ETH into rising wedge or also below one more time again !
Tomorrow will be the day with lowest pick on volume, There is a possibility for ETH to cause a fake out but based on recent aggregated outflows, It seems that whales are trying to hold their bags for higher prices.
But If any rejection happens below MA50, Then moving averages will lead the price to major supports around 3.2K...


Hope you enjoyed our analysis about ETH's possible directions🙌
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Attention: this isn't financial advice we are just trying to help people on their own vision.

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Helical_Trades