ETH near first support

Ethereum at strong support at 222 which is also 0.5 Fibonacci retracement. Good zone for bounce, but its not yet confirmed, only showing first signs. Nearest resistance at 235-238, holding higher risky, but higher values better for shorts.

If price dump lower, next support zones will be at ~207 and 190. Last one is the strongest and should give a proper bounce in case of further dump.

In general I feel BTC can drop lower to 8500-8300, and so Ethereum price will also drive lower to stronger historical support. Might see it within this week or next month. Check out week timeframe to see why I am bearish.

Comment:

Comment:

ETH forecast worked out with the same accuracy as BTC - hit nearest resistance at 238.5 and bounced. Already down by 7% - have you shorted? Now moving back to ~219 support (remember, support is not one price or line on the chart - it is a wide area/zone around it). Bullish sign is that volume under red candles is decreasing. Same in BTC, by the way. Will it be enough to reverse the fall or not, only time will show. As usual, one whale market buy can change the picture pretty fast. Otherwise 2 days old forecast stay the same.

Comment:

So another drop below 219 was met and pushed back from 213.8, higher than previous dump. At the same time this start to look like bear pennant (flag) pattern. What that may bring in future in case of dump. Support at 207-210 was already tested, so chances of another bounce are lower. Next strong support at ~187-190 zone and lower at 180. Will it drop there? Hard to say, but I would certainly recommend to have long orders there to catch that dump, if it happens. At the same time it is not the best zone for shorting, but if you followed previous reviews, you should have shorted from 238. Next safe short zone at ~245$.

Comment:

Forecast worked perfectly well. Last support given actually hold that dump. Although we might see it drop to 180 as well, I feel that might be the last one in series of legs down and soon reversal. Fear is at maximum, and CME gap at BTC chart has to be closed. So we should see a strong bounce soon.

Comment:

Wrote yesterday ETH might continue dumping to 180$, but had 187$ as another possible support - it bounced a little higher at 189.65$. Now is time for a dead cat bounce - targeting resistance zones above.

Support: 180 - 187 - 195 - 200
Resistance: 210 - 217 - 225 - 235