Numbers indicated on the chart point to important areas to watch in Ethereum. These are discussed below in an ascending order:
(1) ~$512.82 would see Ethereum (ETHUSD) establish a range that would potentially a rectangle bottom chart pattern should price successfully close above the current 4 hour bearish trendline. A break above the trendline implies a possible resumption in bullish action for Ethereum that is expected to target the price level mentioned above. On the other hand, price action reaching the trendline and failing to break above it implies more selling.
(2) This indicates support region for Ethereum (ETHUSD) that is present between $413.74 and $363.16. The bottom of this range as has was successfully tested March 30, 2018 and April 07, 2018. The top of the support region held price action on June 30, 2018 and is currently being tested at the time of this post. Therefore, it is important to pay attention to this region of support as a price consolidating in the region can serve as a base for the resumption of bullish momentum.
(3) Movement in price action below $363.16 is expected to find a bottom between $299.94 and $241.78 which is another region of support identified in this analysis for Ethereum (ETHUSD). A break below the bottom of this region could trigger an avalanche in Ethereum price.
(1) ~$512.82 would see Ethereum (ETHUSD) establish a range that would potentially a rectangle bottom chart pattern should price successfully close above the current 4 hour bearish trendline. A break above the trendline implies a possible resumption in bullish action for Ethereum that is expected to target the price level mentioned above. On the other hand, price action reaching the trendline and failing to break above it implies more selling.
(2) This indicates support region for Ethereum (ETHUSD) that is present between $413.74 and $363.16. The bottom of this range as has was successfully tested March 30, 2018 and April 07, 2018. The top of the support region held price action on June 30, 2018 and is currently being tested at the time of this post. Therefore, it is important to pay attention to this region of support as a price consolidating in the region can serve as a base for the resumption of bullish momentum.
(3) Movement in price action below $363.16 is expected to find a bottom between $299.94 and $241.78 which is another region of support identified in this analysis for Ethereum (ETHUSD). A break below the bottom of this region could trigger an avalanche in Ethereum price.
