HELLO again guy, and as mentioned for ethereum although the general and mega trend is still bullish , and as i noted before It was a long time that ascending Trendline has been broken and there was possibility of further fall, and then the bearish scenario happend
it is not interesting in shorter daily timeframes in both logaritmic and linear chart too ,because in linear chart the upward trenline has been broke recently , like as what happend in log char ,
and also its previous support range between 3.1k- $ 3.3 has been recently broken too and went down , now its trading on the support area , BUT If it loses this important KEY zone it can go down to 2000$ OR even 1.65- 1.85k as the next support ZONE
and as you can see for moving averages the EMAs OF 200(blue), 100( light blue ) , and 50( orange ) as well.When the 50ema has been crossing under the 100ema, the price first had a pullback to 200EMA and then went down another drop again to below support $ 2,200 -2,400k as its lower support.
If we compare it with the 2018 Bull Run, it has had a similar pattern and movement so far, which, as we can see, started with breaking down of the ascending trendline, and then we had a sharp fall with the first cross for 50 and 100 emas , and then with the second cross for 50 and 200 emas , we Witnessed a growth by more than 100% for ethereuem and then again it countinued its bearish phase again
so finally to continue any uptrend, first of all it needs to break up the desending trendline and then in 2nd step this resistance range between 3.1 -3.3 k and in 3nd step also $ 4,000 to $ 4,200 with enough volume as confimation .
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The General and Mega trend of ETHUSD
