Are Alts ready? Looking at ETH/USD.
Bullish
We see Ethereum approaching a critical junction on the ETH/USD chart. The good news is that, it seems we have secured closes above the 9 W MA and 13 W MA which is at least bullish in the short term if we can hold above the 180 area this week.
However, rejections from these levels could send alts further down perhaps back to this 157 level. A close above the 195 S/R area would confirm my bullish bias and $293 monthly resistance would be next in play. Unfortunately, we are still under the 195 S/R area so technically, at resistance. An S/R flip would be necessary to aggressively trade ETH as this would not only capture this key support level, but also the 9 M MA which is at 195.
A break above this 200 mark would make the likelihood that from december lows to june highs to now, we have seen higher highs and higher lows confirming a new bull market. We held support at the 157 area which is very bullish.
Bearish
Not too much Bearish sentiment, but rejection at the 195 level would probably lead us to retest the 157 area. Given the amount of upward pressures we have seen along supports on multiple MAs and S/R lines, I would expect we break upward sooner rather than later.
Closing Remarks
This week should be an important close for ETH and alts in general. Ethereum is the coin that sets the tone for the alt market. Can it show some life here and give us the rally we've been waiting for in alts?
Bullish
We see Ethereum approaching a critical junction on the ETH/USD chart. The good news is that, it seems we have secured closes above the 9 W MA and 13 W MA which is at least bullish in the short term if we can hold above the 180 area this week.
However, rejections from these levels could send alts further down perhaps back to this 157 level. A close above the 195 S/R area would confirm my bullish bias and $293 monthly resistance would be next in play. Unfortunately, we are still under the 195 S/R area so technically, at resistance. An S/R flip would be necessary to aggressively trade ETH as this would not only capture this key support level, but also the 9 M MA which is at 195.
A break above this 200 mark would make the likelihood that from december lows to june highs to now, we have seen higher highs and higher lows confirming a new bull market. We held support at the 157 area which is very bullish.
Bearish
Not too much Bearish sentiment, but rejection at the 195 level would probably lead us to retest the 157 area. Given the amount of upward pressures we have seen along supports on multiple MAs and S/R lines, I would expect we break upward sooner rather than later.
Closing Remarks
This week should be an important close for ETH and alts in general. Ethereum is the coin that sets the tone for the alt market. Can it show some life here and give us the rally we've been waiting for in alts?