Hello all and feliz sabado.
Looking at ETHUSD on the weekly timeframe we see that the price of ethereum trades below the (yellow) long ascending line of support. More importantly the price currently trades below the 200 week MA, and the daily RSI is in the oversold territory. The price is also below the 2018 all time high price of $1400.
If this breakout is confirmed and the candle closes below the yellow line, then it will be a matter of not “if” but “when” we will revisit the $880 price.
The $880 level is the lower low from the previous price drop and also a historical level of support since December 2020.
Coincidentally this level of support is also the support of the descending symmetrical channel (orange lines) where the bottom sits at exactly $880.
Hope this helps those who are thinking to buy ETH now. I strongly recommend to wait and buy around $850-$880. Learn on my mistakes. Cheers.
Thanks for reading and stay tuned. Disfrútala.
Looking at ETHUSD on the weekly timeframe we see that the price of ethereum trades below the (yellow) long ascending line of support. More importantly the price currently trades below the 200 week MA, and the daily RSI is in the oversold territory. The price is also below the 2018 all time high price of $1400.
If this breakout is confirmed and the candle closes below the yellow line, then it will be a matter of not “if” but “when” we will revisit the $880 price.
The $880 level is the lower low from the previous price drop and also a historical level of support since December 2020.
Coincidentally this level of support is also the support of the descending symmetrical channel (orange lines) where the bottom sits at exactly $880.
Hope this helps those who are thinking to buy ETH now. I strongly recommend to wait and buy around $850-$880. Learn on my mistakes. Cheers.
Thanks for reading and stay tuned. Disfrútala.
Comment:
Watch the symmetrical triangle break soon. The price is reaching the apex. Don't have the pattern on this chart. Just draw an ascending line on this same weekly timeframe, leave on the top channel and watch it closely.