Hello All. Looking at ETHUSD on the weekly timeframe, we see that Etherium is inside (the yellow) descending wedge/falling channel which is a bearish pattern.
Etherium is currently approaching the resistance line which sits at $2700. If etherium can break this level and get back inside the (white) ascending channel, it will be a bullish sign for etherium. It is vey possible that etherium price recovers, if we get more volume and since the weekly stocastic rsi is in the oversold territory.
However, If we fail to break this level, Etherium can go as low as $1700, which many traders anticipate. This will be a 42% drop.
The $1700 level corresponds with two key support indicators: the fib level 78.6% and the 200 week EMA.
Stay open to ups and downs, and read the charts without emotions.
Thanks for reading, and stay tuned. Enjoy.
Etherium is currently approaching the resistance line which sits at $2700. If etherium can break this level and get back inside the (white) ascending channel, it will be a bullish sign for etherium. It is vey possible that etherium price recovers, if we get more volume and since the weekly stocastic rsi is in the oversold territory.
However, If we fail to break this level, Etherium can go as low as $1700, which many traders anticipate. This will be a 42% drop.
The $1700 level corresponds with two key support indicators: the fib level 78.6% and the 200 week EMA.
Stay open to ups and downs, and read the charts without emotions.
Thanks for reading, and stay tuned. Enjoy.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.