Checking out Ethereum on the daily timeframe we are looking a bit shaky i can't lie, todays been a rough day for the markets overall and we have came way down out of are accumulation zone and we are currently sitting below the 0.2 FIB level which of course is not very ideal and if we do close below here the door is open for a push down to the 3667$ level. After that if we don't hold that support we are looking at the 3464$ level which i think is a good spot to catch a rebound, its a strong support level with tons of price action from months back, if we don't hold here we are looking at the 0.3 FIB or 3214$ which i can't see us going any further for the time being. as for resistances if we close where we are for tonights close we are facing resistance from the 0.2 FIB, the midline on the bollinger bands and the 3990-4K level. Looking at the bollinger bands we notice that price action currently is sitting on that bottom band and if we see a close ontop we could be in for a sharp downside drop likely too the 3464$ level or the 0.3 FIB. The RSI is giving me some hope, even though we crosses below the SMA we are currently ontop of strong support coming from months back and ideally we want price action to push back up above that 0.2 FIB so we can hopefully see a bounce off of this support level on the RSI, ideally in the longer outlook of things we definitely want to climb back and get above that midline, being below keeps u in a confirmed downtrend and being above and holding puts us back in an uptrend! Now the Squeeze momentum indicator, this gives me some hope aswell, we are approaching the midline on the SMI and what we want to see here is a green bar after daily close, this would give us the momentum needed to start making a push back up, the only problem is that if price action closes bearish then we are looking at an increased red bar for our next one and that could kick off yet another bearish squeeze which we dont want to see. Definitely some big closes tonight especially for BTC aswell, our overall direction going forward is still up in the air and we will have to see what our daily close brings us! NFA Just my opinion!!
