Detailed analysis of #ETH on 02.08.2018

BINANCE:ETHUSDT   Ethereum / TetherUS
News Analysis
Comments of cryptoexperts worried about ETH breaching 2 important support levels ($440 and $420) were spread across the Internet. This can cause panic among unprofessional traders who will try to get rid of their coins dropping the price even further.

Volume Analysis
Average trading volume remains big, but it is not stable. The difference between neighboring candlesticks is huge. On some red candlesticks volume increased by several times.

Support/Resistance Level Analysis
Timeframe: 1H
Support at $420 (red) was breached and the rate dropped to the next support at $410 (green). Sellers managed to breach this level, too, but buyers didn`t let them stay there and the candlestick closed above it. Former support at $420 is now a resistance. If this level is breached, the rate will be able to go up to $435 (blue), or else sellers will try to breach $410 level.

Timeframe: 1D
Resistance remain at $480 (red). The rate is now near $417 (green) support, if it fails to remain there, the next support is formed at $375, which is significantly lower. If the bulls manage to close the candlestick above the support, we can assume that the bearish trend is over, otherwise the trend will go below $400.

Indicator Analysis
Timeframe: 1H
After going above the middle Bollinger line, the rate went back to the bottom band.
RSI is near the 40% mark in the bearish mark.
These indicators demonstrate that the bearish trend will continue.

Timeframe: 1D
The rate is below the Ichimoku cloud .
RSI is low in bearish zone.
Alligator lines are far from each other and point downwards.
The bearish trend on daily candlesticks is noticeable.

Action Plan
The fate of Ethereum depends on whether the current support works. If it does, bulls will have a chance to raise the price. If not, bears will gain total dominance of the market. In first case, you can open long positions at good price, in second case, you can short.
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