BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Ethereum has broken down below the critical support level as indicated by the green line. Price has the rest of the day to recover above this level. If the price fails to close above the critical support level , that would look very bearish . I would expect further downside in this scenario.

Comments

Major support around 1400 must be tested. Its required for healthy grow in the future
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EmpowerTrader claymore008
@claymore008, Agreed, I don't think this cycle has ended yet. I'm still confident ETH will get close to 10k in 2022-2023
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claymore008 EmpowerTrader
@EmpowerTrader, Well I think 5-7-10k are possible.. but this is more a question of the ETH project improvements (fundamental paramenters) as of the technical chart analysis.
For now, no more power for grow is available - it's indicated in slowly decreasing turnover
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dsab claymore008
@claymore008, You might be correct. But to me it appears it will bottom out at around 2000 and continue to increase from there on, I don't see it dropping beyond 1900-2000.(I stand corrected on this one)
Took a look at the monthly chart and I stand corrected this might really bottom out out around 1400, probably between the next 2-3 months.
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@dsab, So--which it...1400, or 1900-2000?
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EmpowerTrader MurderCamel22201
@MurderCamel22201, No one knows. All I know is I'm a buyer at 1400.
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MurderCamel22201 EmpowerTrader
@EmpowerTrader, exactly...nobody knows. All of this is like horoscope forecasting. Everyone is so wishy-washy: "Could go up; could go down; I'm gonna do this, but you should do your own DD." Lolz.
+1 Reply
EmpowerTrader MurderCamel22201
@MurderCamel22201, True. However, you always need a plan or a strategy. When ETH goes to 1400. What are you gonna do? You wanna be ready to snatch the opportunity when it arises.
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dsab MurderCamel22201
@MurderCamel22201, I agree we don't know, everything is possible. Only thing I think we can be assured of is that cryptocurrency is not going away anytime soon. I don't know which it is. So I can't tell, but obviously it did broke below the 1900-200 range.
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@dsab, yup...and hindsight is 20/20. Excellent work.
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