• Ethereum is suffering from the overall crypto market correction
• After hitting the upper trend line of the broad ascending channel, price reversed and broke through the middle line as well indicating increasing selling pressure
• Price found some support at the lower bound of the channel
• Bulls will try to keep the price from breaking the channel even if they are not yet able to break through the middle line again
• Bears will gather their strength at a higher price and will try to break the channel
• There is no significant support below current level until 1380, which is the bears main target
• If bulls manage to defend the channel support and the market gains some momentum, they will aim to re-test the upper bound of the channel and make a new yearly high
• A break of the channel exposes 1380 and gives the bears the upper hand, weakening the bullish trend significantly
• After hitting the upper trend line of the broad ascending channel, price reversed and broke through the middle line as well indicating increasing selling pressure
• Price found some support at the lower bound of the channel
• Bulls will try to keep the price from breaking the channel even if they are not yet able to break through the middle line again
• Bears will gather their strength at a higher price and will try to break the channel
• There is no significant support below current level until 1380, which is the bears main target
• If bulls manage to defend the channel support and the market gains some momentum, they will aim to re-test the upper bound of the channel and make a new yearly high
• A break of the channel exposes 1380 and gives the bears the upper hand, weakening the bullish trend significantly
Ramzi Abou Abdallah, CFTe, CMT
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Ramzi Abou Abdallah, CFTe, CMT
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.