We are at risk of triggering a weekly down trend, which would happen if price breaks under 58k roughly, during this week...
Watch the levels outlined in this chart, we have support where the market moved sharply past an area where everyone wanted to buy but couldn't and then refused to pay up (shown by low volume in the volume profile chart for the last up swing). -shown by light yellow boxes)1
Then we have levels where price found acceptance and traded for longer periods, forming the 'proof of control' in the volume distributions in a trend. This was a fair price, before the market priced it higher after trending again. -shown by the orange horizontal boxes-
On top of these, we can measure the price change from low to high for an up trend swing and draw a line that progressed 50% slower, or 75% slower and extending it in time to see where a pace half or 1/4 as fast as the previous progress is maintained on retrace.
There is confluence of a low volume print support, the 25% speed rising trend line support, and the 50% retracement of last quarter's advance near 57700.
Only problem is we have the Fed rate decision tomorrow, and this level would trigger a weekly down trend signal if hit this week.
This makes me think we could have a larger correction and hit 54k, but this won't be probable unless we break under 57700 or so, breaking the most immediately logical support level to test soon.
Before this happens, we must assume it is probable to mean revert higher over time. Ethereum already triggered a weekly down trend with a target near 2500, but it could fail and be erased if we get a bullish reaction to the rate decision and conference tomorrow.
Let's wait and see...check my signature for more info.
Best of luck!
Cheers,
Ivan Labrie.
Watch the levels outlined in this chart, we have support where the market moved sharply past an area where everyone wanted to buy but couldn't and then refused to pay up (shown by low volume in the volume profile chart for the last up swing). -shown by light yellow boxes)1
Then we have levels where price found acceptance and traded for longer periods, forming the 'proof of control' in the volume distributions in a trend. This was a fair price, before the market priced it higher after trending again. -shown by the orange horizontal boxes-
On top of these, we can measure the price change from low to high for an up trend swing and draw a line that progressed 50% slower, or 75% slower and extending it in time to see where a pace half or 1/4 as fast as the previous progress is maintained on retrace.
There is confluence of a low volume print support, the 25% speed rising trend line support, and the 50% retracement of last quarter's advance near 57700.
Only problem is we have the Fed rate decision tomorrow, and this level would trigger a weekly down trend signal if hit this week.
This makes me think we could have a larger correction and hit 54k, but this won't be probable unless we break under 57700 or so, breaking the most immediately logical support level to test soon.
Before this happens, we must assume it is probable to mean revert higher over time. Ethereum already triggered a weekly down trend with a target near 2500, but it could fail and be erased if we get a bullish reaction to the rate decision and conference tomorrow.
Let's wait and see...check my signature for more info.
Best of luck!
Cheers,
Ivan Labrie.
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