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Ethereum is trading right on a side-wards resistance structure at 606, and has been trading at this level since 3rd June. Price is trading upwards along a side-wards support line, which has now converged into the side-wards resistance line. Price is at a juncture, and price needs to either break upwards, and break downwards.
Supporting the upside, there is a side-wards support line thats recently formed, if price stays above this line, it will mean price is forced to break the side-wards resistance at 612.
If price breaks the support trend line, then we can expect some downside. If price breaks the support trend line, AND also hits the side-wards resistance level, then it is a good sell opportunity.
There is 2 outcomes for Ethereum in the short term. They are:
- If price goes below 597.65 and closes there, then I am expecting downside to continue to 497.40 (Where there is some localized structure which could act as support) or the lower horizontal support zone at 364.00.
- Price stays above 597.65 and breaks out of the side-wards resistance. If this happens, there will be a retest on the side-wards resistance line turned support and then break to the upside.
Please show your support and leave a like and follow - I'd really appreciate it! :-)
Ethereum is trading right on a side-wards resistance structure at 606, and has been trading at this level since 3rd June. Price is trading upwards along a side-wards support line, which has now converged into the side-wards resistance line. Price is at a juncture, and price needs to either break upwards, and break downwards.
Supporting the upside, there is a side-wards support line thats recently formed, if price stays above this line, it will mean price is forced to break the side-wards resistance at 612.
If price breaks the support trend line, then we can expect some downside. If price breaks the support trend line, AND also hits the side-wards resistance level, then it is a good sell opportunity.
There is 2 outcomes for Ethereum in the short term. They are:
- If price goes below 597.65 and closes there, then I am expecting downside to continue to 497.40 (Where there is some localized structure which could act as support) or the lower horizontal support zone at 364.00.
- Price stays above 597.65 and breaks out of the side-wards resistance. If this happens, there will be a retest on the side-wards resistance line turned support and then break to the upside.
Please show your support and leave a like and follow - I'd really appreciate it! :-)
Comment:
I am expecting downside will continue. Before that, there is also a possibility of a short term retest to the side-wards resistance line at 620 before more downside.
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