Ethereum, Trend-Line Broken, Further Continuation-Possibility!

Hello, Traders Investors And Community, welcome to this update-analysis about the current price-action in ethereum and what we can expect the next time. There are some meaningful events which happened the last days and as ethereum found some important support currently there are other signals which given an overall bearish bias for the further continuation of ethereums trend as ethereum was one of the weakening cryptocurrencies the last days we have to keep it in mind for a possible entry. We are looking at the globally daily picture, I already made an analysis regarding this subject on the 4-hour time-frame which I recommend you to see to have also the shorter time frame price-action registered:


Alright, at the moment we can watch ethereum stabilizing and consolidating above the 200-EMA which you can see in my chart marked in blue, this is an important EMA for ethereum because when we break it to the downside we have a higher likelihood given that we will test lower levels but currently it is still above the EMA and therefore we can anticipate that it will test at least some 190-200 range as I already described in the 4-hour timeframe analysis, this range is also building a coherent resistance-cluster with the 400-EMA which you can see marked in my chart in orange. When we visit this resistance-area we can expect a counterreaction there as this is still a fundamental level of resistance which should not be disregarded.

Furthermore, we can intercept that ethereum is building an overall range between the 180 and 200 USD price-level which is also matching with the 200 and 400-EMA support/resistance range. The whole structure is at the moment more bearish than bullish because we had this high volatile bearish breakdown to the downside crossing the 58 day old trend-line which hold the past up-trend up bearish to the downside and now we see ethereum struggling at the 200-EMA, this gives an overall bearish bias. When we break the current support to the downside there is a higher possibility that we continue bearish at least testing some lower levels, the first next important support-zone in this scenario will be the 61.8% Fibonacci-support at the 153 level, there we can see a reversal or minimum stabilization but when we do not get decent bullish signs in that level there it is still probable that we will visit lower levels at least testing the 78.6% Fibonacci-support.

When looking on the bullish side of things there is a possibility given that we break to the upside and continue with the in fact bullish up-trend we had built before but this possibility is at the moment not high, to get it in play we first have to take out the huge resistance we see at the 200 USD and therefore 400-EMA level otherwise the whole structure is still more bearish. This is what the price gives at the moment and we can't say 100 % for sure that it will continue bearish but this is at the moment the highest likely scenario! There are many people saying the price will stabilize and we will see a next bull-run catapulting ethereum to 1000 USD, this is mere speculation and we need to elevate ourselves above this illogical market-approach.

Thanks for watching, support for more market insight and all the best!
Markets are a mixed favor in the modern economy.
In this manner: FAREWELL

Information provided is only educational and should not be used to take action in the markets.