Ethereum'is on the trouble! Almost all the altcoins trades above the major counter-trendline but Ethereum'is not on the list anymore.
It has a break downwards from the trendline and from the strong area which is not the good sign but we can find something positive also, currently, it has an opportunity to make a new higher low on the market structure and it shows that the power is still there but we lost the momentum. It has the difficult times ahead to break above the first strong area at $225 and it is even harder because on the four-hour chart there are also 50 and 100 EMA's which started to work as a resistance!
To see a bullish Ethereum' 1. BTC 'and the whole market has to start to grow, Ethereum' can't push the price upwards by itself! 2. It has to break above the blue line at $225 3. It has to break above the counter trendline 4. And the final confirmation is a break above the second strong resistance at $236
If the market can't find that power then we may come down to the "smoother trendline" (brown line) and even lower than that! So, be careful!
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Thank you for the analysis.
After the major counter trend-line breakdown, I've noticed that the price stoped just at a new one from September 17 & 25. Also there is another trend with 3 touches already from September 1 & 22. How do you think, can we use those 2 new trendlines like signals for breakout?
CryptoComes
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@KSeimenov, you are welcome and yes, you can use those also! Thanks for sharing!
After the major counter trend-line breakdown, I've noticed that the price stoped just at a new one from September 17 & 25. Also there is another trend with 3 touches already from September 1 & 22. How do you think, can we use those 2 new trendlines like signals for breakout?