Been quite some time since I have posted an Ethereum 0.01% analysis so I decided to post one today since I've been focusing entirely on Bitcoin 0.61% lately. Bitcoin 0.61% has been the coin of interest lately since it's dominance has been super high - and this is something we must watch. Ethereum 0.01% has been trading downwards since 5th May. Every time Eth has attempted to break out of the slum it has failed to do so... this is due to a side-wards resistance line that has been effecting the gravity 5.73% of price since 3rd of June to present day. Price has consistently failed to break the side-wards resistance line for a very long time thus I wanted to wait for price to go lower into a level that can be perceived as logical before going ahead and posting another analysis.
When analysing Ethereum 0.01% today, I discovered we are very near the April lows support zone . This support was the zone that started the up trend last time that took us significantly higher. Due to this, this is a level of interest for us to watch, as it signals we could potentially see a repeat of price going to the highs once again.
Ethereum will move in one of two ways:
1- Ethereum 0.01% bounces at the current horizontal support zone between 419 and 402 before bouncing top the upside and retesting the side-wards resistance line at approximately 449 before either breaking above or retesting the support zone again. This scenario would be ideal for a short term bullish outlook.
2- Ethereum 0.01% fails at current support zone between 419 and 402 and falls lower to the lowest support zone between 368 and 349 before bouncing to the upside, either surrendering at the previous horizontal support zone between 419 and 402 to test as resistance, or breaks beyond that and tests at side-wards resistance at 449.
Bear in mind if scenario 2 plays out that it is much more unlikely that price will immediately break above the side-wards resistance, so trade the lower horizontal support zone with caution.
Where do YOU think price is headed? Leave a comment with a chart and let's share out thoughts!
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for your support.
When analysing Ethereum 0.01% today, I discovered we are very near the April lows support zone . This support was the zone that started the up trend last time that took us significantly higher. Due to this, this is a level of interest for us to watch, as it signals we could potentially see a repeat of price going to the highs once again.
Ethereum will move in one of two ways:
1- Ethereum 0.01% bounces at the current horizontal support zone between 419 and 402 before bouncing top the upside and retesting the side-wards resistance line at approximately 449 before either breaking above or retesting the support zone again. This scenario would be ideal for a short term bullish outlook.
2- Ethereum 0.01% fails at current support zone between 419 and 402 and falls lower to the lowest support zone between 368 and 349 before bouncing to the upside, either surrendering at the previous horizontal support zone between 419 and 402 to test as resistance, or breaks beyond that and tests at side-wards resistance at 449.
Bear in mind if scenario 2 plays out that it is much more unlikely that price will immediately break above the side-wards resistance, so trade the lower horizontal support zone with caution.
Where do YOU think price is headed? Leave a comment with a chart and let's share out thoughts!
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for your support.
Price needs to reverse within the next 24 hours ideally, or at least see some enthusiasm if we're to stay in the zone we're in now.
The further it falls, the harder it'll be to recover to the upside. Especially when there's many structure levels that will now become obstacles for support.
Please leave a LIKE. I'd really appreciate it.
Thank you for your support.