Good day everyone,
Ethereum is now close to 160 resistance level at daily chart and therefore its not the best opportunity to buy it for now, you can either wait for a strong break up and close above this level or another test on support levels like the yellow ascending trendline, overall the formation is an ascending triangle and looks bullish.
The volume show there are not much interest on selling right now (check the sell waves low volume) and overall this is good and expected since eth is "cheap" if we remember it was above 1000 usd not long ago.
Weekly chart show that the strong selloff / beark market have lost some strenght and now we are moving sideways for a while.
Dont get me wrong, the bear market losing strenght doesnt mean we are bull now, definetly not , yet.
If you are willing to take the risk to hold/buy ethusd you can aim the orange demarcated levels to reduce position and try to buy again on pullbacks.
For the LONG term i expect ETH to recover some of his value, im not talking about moon, new ATH or anything else, just overall increase of value like going to 300 or 500 usd again.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Ethereum is now close to 160 resistance level at daily chart and therefore its not the best opportunity to buy it for now, you can either wait for a strong break up and close above this level or another test on support levels like the yellow ascending trendline, overall the formation is an ascending triangle and looks bullish.
The volume show there are not much interest on selling right now (check the sell waves low volume) and overall this is good and expected since eth is "cheap" if we remember it was above 1000 usd not long ago.
Weekly chart show that the strong selloff / beark market have lost some strenght and now we are moving sideways for a while.
Dont get me wrong, the bear market losing strenght doesnt mean we are bull now, definetly not , yet.
If you are willing to take the risk to hold/buy ethusd you can aim the orange demarcated levels to reduce position and try to buy again on pullbacks.
For the LONG term i expect ETH to recover some of his value, im not talking about moon, new ATH or anything else, just overall increase of value like going to 300 or 500 usd again.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Comment:
Eth break up the ascending triangle and now might reach 200 usd level, however its overbought on daily timeframe and therefore it might pullback/sideways for a while before hit resistance.
