Here we are analyzing ETH/USD on the 8H chart.
Continuing to keep a close eye on the entire Cryptocurrency market, as continues to baffle trades across the spectrum. Price is currently trading at 734, after finding support at 658 with a pattern.
At current, price is trading at 734 after finding the support. Price had previously been in a free fall correction since 5th March, before hitting reliable support which was the right time to catch the falling knife.
Price will either break side-wards resistance at 795, then retest the side-wards resistance line as a new support before more up move. Or, price could hit side-wards resistance, have a small retracement to a minor support, before picking up the necessary momentum for the upside later.
If the bottom of the horizontal support at 640 level is breached. I will be concerned for Ethereum's trend health, and we would need to reconsider our options.
I will update this analysis when I receive above 40 likes.
- Telegram: @Tomprotrader
- Email: Tomprotrader@gmail.com
Public Telegram Channel: https://t.me/Tom_Pro_Trader
However, in the end only the development in BTC will matter. The charts are the very same on different scales.
If Btc breaks down so will ETH, if BTC goes up so will ETH.