ETHEREUM - Between The Strong Areas & Ready To Make a Breakout!
Currently, Ethereum' trades between the round number $200 and between the two trendlines:
1. The longer & smoother since Jan. 04 and second touch Aug. 14.
Sept. 5 Ethereum' breaks below this trendline which had to work as a support but now when we are below the mentioned trendline it works as a resistance. It has five to six attempts to break back above this trendline but those are failed and we can say that this trendline is pretty significant confirmation if we want to see bullish Ethereum'
2. The trendline since 29.07 which is pulled from bodies.
Lately, just one attempt to break through but this attempt was exactly on the trendlines crossing area and those crossing areas are extremely strong!
Let's watch those resistances what we have to take down before we can say that ETH' is on the bullish trend and those resistances are pretty heavy to beat:
1. The mentioned longer and smoother trendline: as You know we have several failed attempts to break back above the current trendline!
2. The trendline since July 29.
3. The strong area (blue line) which has worked historically as a good support level and as a good resistance level. Several attempts to either direction and if it breaks or touched it Ethereum has bounced every time. So, we can assume, if ETH can take down this level at $225 we could see another leg upwards
4. Different timeframes EMA's
The targets after the breakout:
* Semi-round number $250 - this area matching also with the August low point and also we can see that the perfect Fibonacci retracement level 62% is in this area.
* Around $280 - the second strong area on the chart which has historically worked very well!
* Sept. high around $300
To give to You a short-term bearish confirmation then this could be a four-hour candle close below the orange zone around the $190 (higher one). The close below mentioned area confirms that we have a break below the round number ($200) and we have made a short-term lower low. This will guide us to the 2018 low point at $167 which is made on the Sept. 12. It should start to work as a good support level but if it breaks then the next 'hope' comes from the blue trendline around $150 but let's see what the price action start to show us and especially what the market starts to show us!
Hopefully, those levels and this analysis helped You out a little bit to confirm Your own analysis!
Please, don't forget to hit the LIKE button to support us!
Best regards!
1. The longer & smoother since Jan. 04 and second touch Aug. 14.
Sept. 5 Ethereum' breaks below this trendline which had to work as a support but now when we are below the mentioned trendline it works as a resistance. It has five to six attempts to break back above this trendline but those are failed and we can say that this trendline is pretty significant confirmation if we want to see bullish Ethereum'
2. The trendline since 29.07 which is pulled from bodies.
Lately, just one attempt to break through but this attempt was exactly on the trendlines crossing area and those crossing areas are extremely strong!
Let's watch those resistances what we have to take down before we can say that ETH' is on the bullish trend and those resistances are pretty heavy to beat:
1. The mentioned longer and smoother trendline: as You know we have several failed attempts to break back above the current trendline!
2. The trendline since July 29.
3. The strong area (blue line) which has worked historically as a good support level and as a good resistance level. Several attempts to either direction and if it breaks or touched it Ethereum has bounced every time. So, we can assume, if ETH can take down this level at $225 we could see another leg upwards
4. Different timeframes EMA's
The targets after the breakout:
* Semi-round number $250 - this area matching also with the August low point and also we can see that the perfect Fibonacci retracement level 62% is in this area.
* Around $280 - the second strong area on the chart which has historically worked very well!
* Sept. high around $300
To give to You a short-term bearish confirmation then this could be a four-hour candle close below the orange zone around the $190 (higher one). The close below mentioned area confirms that we have a break below the round number ($200) and we have made a short-term lower low. This will guide us to the 2018 low point at $167 which is made on the Sept. 12. It should start to work as a good support level but if it breaks then the next 'hope' comes from the blue trendline around $150 but let's see what the price action start to show us and especially what the market starts to show us!
Hopefully, those levels and this analysis helped You out a little bit to confirm Your own analysis!
Please, don't forget to hit the LIKE button to support us!
Best regards!
Comment:
We are very close to exploding to the higher levels but we have to fight with the last resistance level around $225! Several attempts to close above the green area but currently, those attempts we are waiting....be patient!
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On the 4h chart, we could see that the price closed above the 50 EMA and we could possibly see a breakout if the BTC hold the price!
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