tumbler55

ETH/USDT Update: Ethereum tests the 2800$ support again. 0.5 Fib

Long
BINANCE:ETHUSDT   Ethereum / TetherUS
Intro:
- Ethereum currently has the biggest ecosystem and running smart contracts for a long time.
This headstart led to a big market dominance compared to its competitors like Cardano , Solana, Cosmos, etc.
- It takes some time to create such ideas and drawings.
You are welcome to pay me back with a comment that states your opinion and maybe leads to further improvements considering my charts and explanations.


Daily chart:

- Trading volume keeps decreasing marked by the cyan line.
- The RSI sees a decline as well and drops down to the middle 30's.
- Price shows the same behavior and drops down to 2800$ which is marked as support and falls together with the 0.5Fib which usually acts as support.

(The following description is taken from last discussion.)
- ETH dropped three times to the 1750$ level and did get a bounce each time.
- The blue arrow shows a W shape recovery which is considered to be a strong pattern and signals a trend reversal.
- We see a golden cross indicated by the yellow camera.


Expectation:
- The overall market crash comes most likely mainly from China fud and therefore is not considered to be "normal" price action.
Due to that as well to all the on-chain data we see this as great buy opportunity and expect the price to recover and continue to go higher.


Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place

Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers

ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Boxes:
- Either entry zone or support zone . Check the description.