Hi Traders
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year.
With most cryptocurrencies falling lately, it's a difficult time in the market to call for a clear direction - bullish or bearish ?
On the Ethereum chart, we saw definitive buying pressure on the major support zone at $900. However, we now face a formidable resistance zone around $1200. If we retest this resistance zone and are unable to close candles ABOVE it, it's likely to return back to the major support zone of $900 range (or possibly as low as $600 which was an earlier support zone) to find enough buying pressure to stabilize the price. This will hold true for other cryptocurrency as well such as Bitcoin and other alts .
This supply zone / resistance zone is important to watch and ideally to start considering a bullish reversal, we would need to get back to closing candles ABOVE this range.
Technical indicator Phoenix ascending is showing us that although there is some short term buying power, it's not enough to call for a reversal just yet.
What are your thoughts on Ethereum ?
_________________
👀 Follow us here on TradingView for daily updates and trade ideas on crypto , stock and commodities 💎
👍Hit like & Follow 🔔
We thank you for your support !
CryptoCheck
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year.
With most cryptocurrencies falling lately, it's a difficult time in the market to call for a clear direction - bullish or bearish ?
On the Ethereum chart, we saw definitive buying pressure on the major support zone at $900. However, we now face a formidable resistance zone around $1200. If we retest this resistance zone and are unable to close candles ABOVE it, it's likely to return back to the major support zone of $900 range (or possibly as low as $600 which was an earlier support zone) to find enough buying pressure to stabilize the price. This will hold true for other cryptocurrency as well such as Bitcoin and other alts .
This supply zone / resistance zone is important to watch and ideally to start considering a bullish reversal, we would need to get back to closing candles ABOVE this range.
Technical indicator Phoenix ascending is showing us that although there is some short term buying power, it's not enough to call for a reversal just yet.
What are your thoughts on Ethereum ?
_________________
👀 Follow us here on TradingView for daily updates and trade ideas on crypto , stock and commodities 💎
👍Hit like & Follow 🔔
We thank you for your support !
CryptoCheck
