Now looking at Ethereum , it traded strongly downwards in yesterdays trading session to the horizontal between 425 and 408. since hitting the zone, price has stopped, at least for now and is showing some very small signs of presence. When price has only just hit the , it is too early to predict whether price will actually stay at this support or potentially go lower. So for that reason I will now outline the possibilities, and then just keep updating the analysis as Ethereum begins moving properly.
Ethereum is now likely to run 2 possible paths. they are:
-- Ethereum bounces off the horizontal it's currently at, corrects higher to around 456, which is the level where the 20 and 50 moving average will likely be by then, and they will act as resistance, before again falling to the downside, hitting the horizontal we're at now, again.
-- Ethereum does a small pop now, not more than 10 points, and falls again, and gets dominated by the bears again. If this happens we will break the horizontal and fall lower, probably finding support at a side-wards support line at 362 before a likely bounce up.
Bear in mind that if price falls lower to the side-wards support line it has a much higher odds of bouncing from this level, purely on the basis that by the time Ethereum gets this low, it would be in an extended downtrend and it would need to correct here as per normal behavior.
I will continue to update this analysis if it receives enough attention.
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Will bee post updated as it progresses. :-)