ETH/USD showing a bottomish-consolidation structure
ETH/USD, 1D, update
Upgraded the chart to a bigger timeframe so we can observe not only the intra-day price action but also the movements that happened on a macro-scale. In our last update, ETH/USD was forming an ascending channel while getting rejected by the $188 thin level of resistance. Bulls haven't given up and after a brief consolidation that took 4 days, they challenged the resistance again - this time being successful. 15 September formed a Doji on the selected timeframe, maintaining the daily close above the former level of resistance. Once buyers saw strength in ETH/USD's behavior, they took advantage of the lack of sellers and pushed the price upwards for 7.8% (from $188 to the current daily high of $203). In yesterday's session, the horizontal became support - as seen in the chart below.
The consolidation between the lower red levels of interest ($172 and $188) starts to look like a bottom structure. It's very important for the market not to visit the sub $190's levels again if buyers are not interested in aggressively buying the dip, but we should see a growth continuation towards the $208 level. It may find little resistance there, even a small correction could occur, but our main resistance remains the $230 level, which is expected to be hit by this month's end.
Upgraded the chart to a bigger timeframe so we can observe not only the intra-day price action but also the movements that happened on a macro-scale. In our last update, ETH/USD was forming an ascending channel while getting rejected by the $188 thin level of resistance. Bulls haven't given up and after a brief consolidation that took 4 days, they challenged the resistance again - this time being successful. 15 September formed a Doji on the selected timeframe, maintaining the daily close above the former level of resistance. Once buyers saw strength in ETH/USD's behavior, they took advantage of the lack of sellers and pushed the price upwards for 7.8% (from $188 to the current daily high of $203). In yesterday's session, the horizontal became support - as seen in the chart below.
The consolidation between the lower red levels of interest ($172 and $188) starts to look like a bottom structure. It's very important for the market not to visit the sub $190's levels again if buyers are not interested in aggressively buying the dip, but we should see a growth continuation towards the $208 level. It may find little resistance there, even a small correction could occur, but our main resistance remains the $230 level, which is expected to be hit by this month's end.