Hello all. Looking at ETHUSD on the daily timeframe, we see that the price of etherium trades back inside the falling wedge. With $2650 being a support level and also the weekly ascending line providing support for the etherium price, is etherium due to a bounce or will it drop further. Let us discuss.
Looking at the yellow ascending line, we see that etherium has bounce from line at $2650. While the rsi remains in the neutral position, staying above this support line is crucial for etherium. If we break this line of support, I will anticipate $1700 next for etherium.
On the other hand, Etherium remains inside the rising channel (white lines) which has a resistance target at around $3600. This can be a 37% trade if we manage to bounce right back up. Bigger bullish target for etherium is the top of the ascending channel shown with the yellow line and has a price target of $5600 (107% up).
For this scenario to play out, I would like to see eth price remain above the 100 week EMA, and also the rsi to head towards the oversold area.
Thanks for reading, and stay tuned. Enjoy.
Looking at the yellow ascending line, we see that etherium has bounce from line at $2650. While the rsi remains in the neutral position, staying above this support line is crucial for etherium. If we break this line of support, I will anticipate $1700 next for etherium.
On the other hand, Etherium remains inside the rising channel (white lines) which has a resistance target at around $3600. This can be a 37% trade if we manage to bounce right back up. Bigger bullish target for etherium is the top of the ascending channel shown with the yellow line and has a price target of $5600 (107% up).
For this scenario to play out, I would like to see eth price remain above the 100 week EMA, and also the rsi to head towards the oversold area.
Thanks for reading, and stay tuned. Enjoy.