Above is my most recent macro view (1D, YTD) chart for ETH/USD.
1. There is still a long-term descending resistance above. This was materially confirmed between Feb 14th and Feb 19th and broke the parabola ascent ETH was previously painting. This is most likely where bears decided to make a stand due to COVID news, and resulted in a high-volume selloff to take profit.
2. Volume began to drop off at point 2. It must be noted that our most recent climb from $110, has been on slightly decreasing volume, albeit still higher than our previous uptrend (parabola).
3. A mid-term ascending support has been established.
4, 5, 6. There have been selloffs during our uptrend, but each thus far has led to a higher local high.
7. Our current state is one of indecision and is by far the most interesting time in recent history. This indecision likely is due to nationwide social unrest, as well as uncertainty as to the future of COVID. Short-term support is likely to run into short-term resistance in the next week, with a huge move following.
Conclusion: I believe that ETH will make a huge move within the next week. It will likely be a breakout 1Day candle, not a gradual move. Therefore, I would keep alerts set for anything above $255 or below $235. The large 1D move will most likely be indicated by a strong uptick in volume on the 4H. The chop zone is between $235 and $255. Trading this area will likely result in losses until the next major move becomes clear.
This is not investment advice.
Follow for more. 4H chart will be coming soon.
1. There is still a long-term descending resistance above. This was materially confirmed between Feb 14th and Feb 19th and broke the parabola ascent ETH was previously painting. This is most likely where bears decided to make a stand due to COVID news, and resulted in a high-volume selloff to take profit.
2. Volume began to drop off at point 2. It must be noted that our most recent climb from $110, has been on slightly decreasing volume, albeit still higher than our previous uptrend (parabola).
3. A mid-term ascending support has been established.
4, 5, 6. There have been selloffs during our uptrend, but each thus far has led to a higher local high.
7. Our current state is one of indecision and is by far the most interesting time in recent history. This indecision likely is due to nationwide social unrest, as well as uncertainty as to the future of COVID. Short-term support is likely to run into short-term resistance in the next week, with a huge move following.
Conclusion: I believe that ETH will make a huge move within the next week. It will likely be a breakout 1Day candle, not a gradual move. Therefore, I would keep alerts set for anything above $255 or below $235. The large 1D move will most likely be indicated by a strong uptick in volume on the 4H. The chop zone is between $235 and $255. Trading this area will likely result in losses until the next major move becomes clear.
This is not investment advice.
Follow for more. 4H chart will be coming soon.