Ethereum has come back to the long term trendline and has began
giving in to the overall bearish crypto market sentiments. Still it has
a much better position, should things turn around, as it is still trading
above the Cloud and the previous swing low. If price crash through
the trendline,we have the Cloud support at 850 and below that
the 820 S/R level. Ultimately the Monthly S1 at 750 should give
the pair support. If price turns by the trendline, the resistance is
at 1000.
Overall, price is pulling back after a failed attempt to resume
upward momentum, and is currently looking for support. As long
as we see price trade above the trendline, the uptrend remains
intact, but if broken, it will be the first sign that the uptrend is
over for this time and the bias shifts to the downside.
giving in to the overall bearish crypto market sentiments. Still it has
a much better position, should things turn around, as it is still trading
above the Cloud and the previous swing low. If price crash through
the trendline,we have the Cloud support at 850 and below that
the 820 S/R level. Ultimately the Monthly S1 at 750 should give
the pair support. If price turns by the trendline, the resistance is
at 1000.
Overall, price is pulling back after a failed attempt to resume
upward momentum, and is currently looking for support. As long
as we see price trade above the trendline, the uptrend remains
intact, but if broken, it will be the first sign that the uptrend is
over for this time and the bias shifts to the downside.
Comment:
Price traded the Monthly S1 and bounced as expected. Current low 731, Lower Cloud 722 and Monthly S1 745. Bulls would like a daily close above the trendline at 910.
