ETHUSD looking for a little push that will trigger the reversal
Hi all,
On the last day of the workweek, the leading altcoin made a slight correction to its price and closed at $211. This was followed by another red session on the first day of the weekend as bulls were starting to lose ground. The coin did not manage to break above the $216-$220 as predicted on Friday and instead made a deep dive, following the example of BTC.
On Sunday, May 10, it crashed below the 100-day EMA and the $200 mark and entered the next support zone at $190-$187 after being hammer at the downtrend resistance. The ETH/USD pair was 10 percent down for the week.
As of the time of writing this update at noon on Monday, the ether is trading flat, with no significant change compared to the previous session. The current support level looks stable, but we cannot rule out a further decline to $180.
Up, we'll be looking to re-take $200 and surpass the mentioned diagonal resistance, to trigger a reversal to the upside.
Cheers,
On the last day of the workweek, the leading altcoin made a slight correction to its price and closed at $211. This was followed by another red session on the first day of the weekend as bulls were starting to lose ground. The coin did not manage to break above the $216-$220 as predicted on Friday and instead made a deep dive, following the example of BTC.
On Sunday, May 10, it crashed below the 100-day EMA and the $200 mark and entered the next support zone at $190-$187 after being hammer at the downtrend resistance. The ETH/USD pair was 10 percent down for the week.
As of the time of writing this update at noon on Monday, the ether is trading flat, with no significant change compared to the previous session. The current support level looks stable, but we cannot rule out a further decline to $180.
Up, we'll be looking to re-take $200 and surpass the mentioned diagonal resistance, to trigger a reversal to the upside.
Cheers,
Comment:
Current S/R level around $187-$190 survived the pre-halving decline now let's see if bulls manage to surpass $192 on the smaller timeframe as they were not able to do that for the last 2.5d
