Hello fellas, here is the ethereum update based on short term perspective.
First of all, I do the analysis on 4 hours trime frame based on bitmex market price. From the chart attached, we can see that the price was forming an ascending type of triangle which has broken out to the upside. and because of this break out, we have seen 10% spike to the upside which is awesome in my opinion.
Now, let us see the action of break out of the prior resistance around $135 region, we know that after this break out, we haven't seen any retest toward the previous resistance that is now become support as well. That's why I will classify the previous up trend as the first phase of break out strategy. And I will expect a 2nd phase of break out strategy to retest the $135 region.
And if this support can hold the price, we might see push higher to the $150 region as the next potential resistance in higher degree. But, if the area can't hold the price from further drop down, we might see a lower low pattern of melting down to the $110 region.
First of all, I do the analysis on 4 hours trime frame based on bitmex market price. From the chart attached, we can see that the price was forming an ascending type of triangle which has broken out to the upside. and because of this break out, we have seen 10% spike to the upside which is awesome in my opinion.
Now, let us see the action of break out of the prior resistance around $135 region, we know that after this break out, we haven't seen any retest toward the previous resistance that is now become support as well. That's why I will classify the previous up trend as the first phase of break out strategy. And I will expect a 2nd phase of break out strategy to retest the $135 region.
And if this support can hold the price, we might see push higher to the $150 region as the next potential resistance in higher degree. But, if the area can't hold the price from further drop down, we might see a lower low pattern of melting down to the $110 region.