Ethereum (ETH/USD) Important Aspects to Stay Healthy!
Currently, the market looks like it starts to make a little pullback! BTC has pointed down and shows some pullback signs and so as Ethereum!
We have some signs from the daily timeframe and from the 12h timeframe. In the daily timeframe we could see a bearish candlestick pattern called "Tweezer top" and in the 12h is also a bearish pattern called "Evening Star". So, this will indicates that we start to make a little pullback also on the ETH/USD chart.
If the price structure want's to stay healthy then the pullback can't be lower than $270-$275. Why? At the moment we have a nice HL at $270 level but if we drop below that then we make a new lower low and also we have a close below the strong support (blue line) which all indicates bearishness. In the image, You can also see bearish confirmation box, at least 4h candle close in this are could be mean disaster for ETH and we may go to around $200.
If we stay 'healthy' and we got a bounce around $270-$275 (bounce is supported by - strong support level and Fibonacci 62% retracement level) then we have made a new HL (higher low) and we are ready to climb higher. First obstacles are the triangle trendline and the round number which is $300. To be fully confirmed that we start to heading upwards we have to make a new Higher high which is around $330-.$340.
Check the full crypto analysis HEREhttps://u.today/pricewise?utm_source=tradingview#
Have a nice day!
We have some signs from the daily timeframe and from the 12h timeframe. In the daily timeframe we could see a bearish candlestick pattern called "Tweezer top" and in the 12h is also a bearish pattern called "Evening Star". So, this will indicates that we start to make a little pullback also on the ETH/USD chart.
If the price structure want's to stay healthy then the pullback can't be lower than $270-$275. Why? At the moment we have a nice HL at $270 level but if we drop below that then we make a new lower low and also we have a close below the strong support (blue line) which all indicates bearishness. In the image, You can also see bearish confirmation box, at least 4h candle close in this are could be mean disaster for ETH and we may go to around $200.
If we stay 'healthy' and we got a bounce around $270-$275 (bounce is supported by - strong support level and Fibonacci 62% retracement level) then we have made a new HL (higher low) and we are ready to climb higher. First obstacles are the triangle trendline and the round number which is $300. To be fully confirmed that we start to heading upwards we have to make a new Higher high which is around $330-.$340.
Check the full crypto analysis HEREhttps://u.today/pricewise?utm_source=tradingview#
Have a nice day!
Comment:
At the moment we approach to the very important area! Now we need a decent price action and we need that the BTC finds the bottom soon because the market moves almost like BTC does. On the ETH chart we have little space to fall even more but soon we have to see some bullish price action, if not then it would be a bad sign!
Comment:
Worked out perfectly! Now we have to break that triangle upper trendline to confirm the next leg upwards!
Comment:
Ethereum - Still in the Symmetric Triangle
The current situation on the ETH chart shows us that, after the bounce upwards from our mentioned level, we tried to break outside the triangle and tried to break the round number $300 but this attempt was unsuccessful. The price was very close to make a breakout but we didn't find so much power to hold the price above the $300!
Luckily, we had something positive on the ETH chart - the price structure made a small higher high which indicate that we are still on the rising mode and now the pullback definitely have to hold us over the blue support line if we want to stay bullish(marked as Strong Area). We know that soon we will see some bigger action on the Ethereum chart because we are on the triangle tip where the price is 'pushed' together and soon it will launch! At the moment definitely, don't trade this and wait for a breakout from the triangle. Breakout from triangle means short-term Ethereum direction and breakout is confirmed when we have at least a four-hour candle outside that area!
The current situation on the ETH chart shows us that, after the bounce upwards from our mentioned level, we tried to break outside the triangle and tried to break the round number $300 but this attempt was unsuccessful. The price was very close to make a breakout but we didn't find so much power to hold the price above the $300!
Luckily, we had something positive on the ETH chart - the price structure made a small higher high which indicate that we are still on the rising mode and now the pullback definitely have to hold us over the blue support line if we want to stay bullish(marked as Strong Area). We know that soon we will see some bigger action on the Ethereum chart because we are on the triangle tip where the price is 'pushed' together and soon it will launch! At the moment definitely, don't trade this and wait for a breakout from the triangle. Breakout from triangle means short-term Ethereum direction and breakout is confirmed when we have at least a four-hour candle outside that area!
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Sorry for that and hopefully this TA helps You out to confirm Your own analysis!
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