Looking at the daily chart we see ETHUSD is still well above the 50 EMA. After meeting resistance around 413 it looks like we may see potential correction back down to Support 1 around 371, Support 2 around 320, or possible trend line support in-between around 360. RSI on the daily seems to have hit a "resistance" around 70 since steadily climbing between 20 July to 1 August. The signal line has not crossed over the MACD on the daily but it appears poised to occur if ETH continues to hit lower highs/lows.
Confirming on the 4 hour timeframe we can see that ETH has indeed touched on Support 1 at ~370. I'm going to see if it crosses over with a strong move before moving forward with any entry.
Given the prevalence of bulls on ETH right now I expect to see trend line support around 360 as a potential re-entry if one decides to take a short position. This is only my second publication and I am still incredibly fledgling in my technical analysis. Any and all constructive criticism is welcome. Thank you.
Confirming on the 4 hour timeframe we can see that ETH has indeed touched on Support 1 at ~370. I'm going to see if it crosses over with a strong move before moving forward with any entry.
Given the prevalence of bulls on ETH right now I expect to see trend line support around 360 as a potential re-entry if one decides to take a short position. This is only my second publication and I am still incredibly fledgling in my technical analysis. Any and all constructive criticism is welcome. Thank you.
Comment:
Looks like a strong rejection at 370 area.