Very similar to BTC.
Observation:
After the dump the bounce has not been a good\strong follow through. Volume is dropping off.
The 4 hour chart require the bulls to see bounce continuation but its running out of steam at the 215 range which is now the resistance.
ETH has had a better recovery than BTC
The last drop was expected but was it a healthy pullback? For ETH it seems to be however it was observed that with the last ETH drop, in % terms it dropped much more than BTC. That would seem to indicate it will likely happen again which means that ETH is a better prospect to percentage gains (probably due to the October planned activities for ETH).
RSI approaching the same level when a sell of happened before the drop.
MACD is neutral
We have a merging triangle much like a wedge to form which traditionally is formed after a dump to then have another drop.
The easiest path at this point is downwards around 60% to 40%, mirroring BTC. If it was to drop, we will be retesting at the 185 range. I'm looking at below this point somewhere between 165 and 185 depending on BTC signals. I would most likely place a few orders along the way down from 180 to 193
Observation:
After the dump the bounce has not been a good\strong follow through. Volume is dropping off.
The 4 hour chart require the bulls to see bounce continuation but its running out of steam at the 215 range which is now the resistance.
ETH has had a better recovery than BTC
The last drop was expected but was it a healthy pullback? For ETH it seems to be however it was observed that with the last ETH drop, in % terms it dropped much more than BTC. That would seem to indicate it will likely happen again which means that ETH is a better prospect to percentage gains (probably due to the October planned activities for ETH).
RSI approaching the same level when a sell of happened before the drop.
MACD is neutral
We have a merging triangle much like a wedge to form which traditionally is formed after a dump to then have another drop.
The easiest path at this point is downwards around 60% to 40%, mirroring BTC. If it was to drop, we will be retesting at the 185 range. I'm looking at below this point somewhere between 165 and 185 depending on BTC signals. I would most likely place a few orders along the way down from 180 to 193
Comment:
Still positive movements, got rejected at the 215 resistance and I expect it to try again, so now we need to see if the squeeze comes into play, towards the 215 line. If it passes the 215 line, the next resistance will be 220 and 215 will become the support. Assuming no major changes to BTC.
I'm still holding onto my ETH until I see what happens after the 215 pass.
I'm still holding onto my ETH until I see what happens after the 215 pass.
Comment:
225 is being a strong resistance. :( I was hoping it hit the next resistance ... not doing as well as NEO or ADA.
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This community has signals now but with no risk management comms.
As per my forecast, it took the path of the downtrend towards the first major support of 193 and bounce as per diagram towards 210 -215 range.
As you can see the major resistance at this point is 212 prevented further up trend and as per my commentary 215.
So where from here, ETH has lost its momentum and will for a while move sidewards unless BTC breaks up or down. But not as strong as it used to do over the past week.
Observations:
* Volume has dropped significantly on the 4 hrly chart
* Currently the 4 hrly chart shows we have small green candle sticks in a sideways movement.
* No bullish or bearish sentiment in the short term.
* RSI is has reached overbought conditions (no more room to go up)
*EMA 20 just below trend (slightly bullish sentiment)
* MA 100 and 200 still in the bearish trend
Short term, trending sideways so I would HODL for now because of BTC have a slightly bullish sentiment.