*** *** For this particular analysis on the ETHUSDT we are using the ETHUSDT symbol on the ETHUSDT. *** ***
The idea is on the 1D time-frame where ETHUSDT is shown trading within its long-term Channel Down since the November 10 2021 All Time High (ATH), practically the pattern that has been dictating the whole Bear Cycle.
The importance of the Channel's Fibonacci zones is more than evident. The inner pattern that stands out since the August 14 High though is the blue Channel Down, which is less aggressive and while it got rejected heavily at the top (Fib 1.0) of the long-term Channel Down on November 04, it continues to trade on the other hand above the 905.00 Support (June 18 Low). This is basically the first time that ETHUSDT has been trading for so long within practically two zones (0.618 - 1.000).
This is a sign of the market respecting a high demand zone and an indication of a long-term bottom. The 1D MACD trading inside a Triangle shows that there is room for one last Low (Higher Low) but with the price being that close to the top of the long-term Channel Down, there are higher probabilities of breaking out.
Technically, a break above the 1D MA200 (orange trend-line) would be a break (candle close) above the Channel Down as well and the price would target the 2035 Resistance 1 (August 14 High). On the other hand, a 1D candle closing below the 905 Support, would be a sell signal, targeting the 0.618 Fibonacci level, which has been supporting sing August 07.
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