Ethereum has been trading downwards, breaking a higher low on 30th July and trading downwards ever since. Price did something that I did not expect on the 8th august, and that was to break a very key on Bitcoin . With bitcoin breaking such a key level, Ethereum naturally followed it's movements to the downside. I actually scanned Ethereum on multiple timeframes to best agge what is happening in the markets right now, and what I did realise is that ETH is about to hit a MAJOR weekly . this level is key because if price fails at this weekly then price could go very, very low.
ETH right now is heading towards the weekly support. When I began analysing price on the 8 hour chart, I discovered that price is currently in a 3 wave . When measure moving the for a target, I discovered there is a support at this level. What I later discovered was that the 3 wave measure move target directly coincides with the WEEKLY support level! This indicates that buying at the weekly at 350 level could be a great idea!
Although a good idea, of course conditions need to be met. Obviously when hitting 350, I want to see reversal signal of some kind confirming the bulls/a rejection candle to the lows at this level, and some other technical factors.
As it stands, price is diverging on the , but obviously IF the move does lower, this could be negated at a later stage. HOWEVER, price has already hit the low that's good for a buy, SO price does NOT have to necessarily come down and retest it again, even though probabilities say that it's likely to do so.
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Thank you for your support.
No bulls around right now, and bears will likely keep pushing for the meantime.
Please leave a LIKE. I'd really appreciate it.
""Although a good idea, of course conditions need to be met. Obviously when hitting 350, I want to see reversal candlestick signal of some kind confirming the bulls/a rejection candle to the lows at this level, and some other technical factors.""
These conditions were not met.