Like BTC, ETH has been following a Bear Flag channel pattern since it's low on June 18th. UNLIKE BTC, ETH has yet to test/break below the BF support channel.
Things to note, top to bottom:
- major overhead resistance @ the 200SMA & topside of the BF channel @ $2100
- liquidity zone between $1825 - $1975 (these LIKE to be tested but do not NEED to be just yet)
- the bull are trying to bounce & get above the 21 & 50SMAs between $1615 & $1655. IF successful, we should expect a test of the LT downward slopping resistance @ $1800
- rn bulls are holding 9SMA as support @ $1550, a break below would see a test of the 100SMA @ $1500. If the 100 breaks then we would likely test the BF support channel & liquidity zone @ $1250
Ultimately I'm looking for ETH to follow BTC & the Nasdaq100 (yes cryptos follow the stock market) & break BELOW the BF channel. We will talk about BF breakdown targets once we see ETH start to move lower.
Things to note, top to bottom:
- major overhead resistance @ the 200SMA & topside of the BF channel @ $2100
- liquidity zone between $1825 - $1975 (these LIKE to be tested but do not NEED to be just yet)
- the bull are trying to bounce & get above the 21 & 50SMAs between $1615 & $1655. IF successful, we should expect a test of the LT downward slopping resistance @ $1800
- rn bulls are holding 9SMA as support @ $1550, a break below would see a test of the 100SMA @ $1500. If the 100 breaks then we would likely test the BF support channel & liquidity zone @ $1250
Ultimately I'm looking for ETH to follow BTC & the Nasdaq100 (yes cryptos follow the stock market) & break BELOW the BF channel. We will talk about BF breakdown targets once we see ETH start to move lower.