Welcome members to this update on ETH.
If you are viewing my post for the first time then do not forget to like and follow. I share updates on the crypto market including margin trading, futures, spot, and scalping. All ideas are my biased opinion and I invest in my own risk. I don't force anyone to buy or sell, I simply share my ideas absolutely for free and it is your sole decision whether to trade on it or use it to understand the market.
Let's get back to the chart.
Ethereum made a bold move by breaking out above the trendline but it wasn't enough to trigger the $3k resistance level. If we consider the horizontal resistance level then it is rejection but if we consider the trendlines then it is a retest before the big jump. To get a clear picture of this, we will have to monitor some key areas.
1. ETH is holding strong support at 21 MA which is exactly above the upper trendline. If you followed my previous update (link in the description) then you will know that so far ETH is exactly following the path I analyzed.
2. The only confirmation of whether ETH is bearish or not lies on the current support level. If ETH breaks down below $2.8k then we can expect ETH to reach the bottom trendline.
3. Looking into the positive side, even if ETH bounces back from the current support level, it still needs to break through the $3k resistance level which will be a real challenge for ETH. And once we are through it then $3.2k, $3.4k, and $3.6k will be the levels for ETH.
So, $2.8k is an important level to keep an eye on along with the $3k resistance level.
Note: This is not financial advice. This update is for educational purposes only.
Let me know what you think about this idea and if you like it then do share the link wherever you can. Let this idea reach as many traders as possible.
I will cover more on this until then stay safe and trade well.
Thank you.
If you are viewing my post for the first time then do not forget to like and follow. I share updates on the crypto market including margin trading, futures, spot, and scalping. All ideas are my biased opinion and I invest in my own risk. I don't force anyone to buy or sell, I simply share my ideas absolutely for free and it is your sole decision whether to trade on it or use it to understand the market.
Let's get back to the chart.
Ethereum made a bold move by breaking out above the trendline but it wasn't enough to trigger the $3k resistance level. If we consider the horizontal resistance level then it is rejection but if we consider the trendlines then it is a retest before the big jump. To get a clear picture of this, we will have to monitor some key areas.
1. ETH is holding strong support at 21 MA which is exactly above the upper trendline. If you followed my previous update (link in the description) then you will know that so far ETH is exactly following the path I analyzed.
2. The only confirmation of whether ETH is bearish or not lies on the current support level. If ETH breaks down below $2.8k then we can expect ETH to reach the bottom trendline.
3. Looking into the positive side, even if ETH bounces back from the current support level, it still needs to break through the $3k resistance level which will be a real challenge for ETH. And once we are through it then $3.2k, $3.4k, and $3.6k will be the levels for ETH.
So, $2.8k is an important level to keep an eye on along with the $3k resistance level.
Note: This is not financial advice. This update is for educational purposes only.
Let me know what you think about this idea and if you like it then do share the link wherever you can. Let this idea reach as many traders as possible.
I will cover more on this until then stay safe and trade well.
Thank you.
