Hello all. Looking at ETHUSD on the weekly timeframe we see that the price of etherium has found support at the $1720 and currently trades above the $2000 price mark. The question is how long will the price of Etherium remain above $2000? Let's discuss.
The price of Etherium broke bearish out of the rising channel and fell below the ascending line of support early on May 8th, and as we expected in my previous Etherium TA. (Link Below).
On the daily timeframe the price managed to close above the previous daily low and got back inside the falling wedge pattern (bullish pattern).
The top of the falling wedge pattern sits at around $2800 range which from the current price is another 25% higher. This price level will also correspond with the 50 week EMA.
However, a much stronger level of resistance is the $2650 which is the long ascending line since march 2021.
In my opinion, the sell off in the market is not done yet and although we see some relief bounce now, there is more drop incoming. At least a retest of the same $1700 level.
I believe, that the selling pressure will kick in once the price of etherium reaches the fib golden pocket at around $2370-$2430.
Thanks for reading, and stay tuned. Enjoy.
The price of Etherium broke bearish out of the rising channel and fell below the ascending line of support early on May 8th, and as we expected in my previous Etherium TA. (Link Below).
On the daily timeframe the price managed to close above the previous daily low and got back inside the falling wedge pattern (bullish pattern).
The top of the falling wedge pattern sits at around $2800 range which from the current price is another 25% higher. This price level will also correspond with the 50 week EMA.
However, a much stronger level of resistance is the $2650 which is the long ascending line since march 2021.
In my opinion, the sell off in the market is not done yet and although we see some relief bounce now, there is more drop incoming. At least a retest of the same $1700 level.
I believe, that the selling pressure will kick in once the price of etherium reaches the fib golden pocket at around $2370-$2430.
Thanks for reading, and stay tuned. Enjoy.
