Ethereum's (ETH) price will retrace to find support level -SHORT
Ethereum's
ETHUSD
price tested the Weekly Candle Close in range of ($221 and $231). The Colored zone is playing the role of a strong resistance level that will stop the price growth and forced to retrace in a downward direction to find support to hold on.
Fundamentally the last two weeks altcoins had a time of growth connected with Bitcoin Dominance
BTC.D
retracement and diversification towards altcoins. Historically diversification towards smaller assets indicates for a future drop. By seasonality of the Stock Market end of September is a bearish month. Most likely a drop is coming at the whole crypto market in the coming two to three weeks. ETH will retrace one way or another probably making new lows. Short term the price could consolidate after some retracement.
Technically Ethereum finished Five Impulsive Waves, calculated by Elliot Waves Theory. That means that a retracement should touch a price close to the 4th Wave. At September 19, ETH made a spike to $224 level that is technically on the same price level as 4th Wave. On the other hand, on a 4H time frame, an Over Sold - Relative Strength Index (RSI) can be spotted. It means that the drastic movement has to retrace cause Over Sold condition is a bearish indicator. Ethereum's (ETH) price tested 200-candle exponential moving average (EMA) and rise above it. The 200-candle EMA will play a form of support on that price could retrace.
Conclusion
Ethereum's (ETH) price will retrace to find a solid support level. Strong support zones are price levels at $188, $174 and $153.85. Going thru those support level will force price in a downward direction making new lower lows.
ETHUSD
price tested the Weekly Candle Close in range of ($221 and $231). The Colored zone is playing the role of a strong resistance level that will stop the price growth and forced to retrace in a downward direction to find support to hold on. Fundamentally the last two weeks altcoins had a time of growth connected with Bitcoin Dominance
BTC.D
retracement and diversification towards altcoins. Historically diversification towards smaller assets indicates for a future drop. By seasonality of the Stock Market end of September is a bearish month. Most likely a drop is coming at the whole crypto market in the coming two to three weeks. ETH will retrace one way or another probably making new lows. Short term the price could consolidate after some retracement. Technically Ethereum finished Five Impulsive Waves, calculated by Elliot Waves Theory. That means that a retracement should touch a price close to the 4th Wave. At September 19, ETH made a spike to $224 level that is technically on the same price level as 4th Wave. On the other hand, on a 4H time frame, an Over Sold - Relative Strength Index (RSI) can be spotted. It means that the drastic movement has to retrace cause Over Sold condition is a bearish indicator. Ethereum's (ETH) price tested 200-candle exponential moving average (EMA) and rise above it. The 200-candle EMA will play a form of support on that price could retrace.
Conclusion
Ethereum's (ETH) price will retrace to find a solid support level. Strong support zones are price levels at $188, $174 and $153.85. Going thru those support level will force price in a downward direction making new lower lows.
Trade closed: target reached:
First Support Level was reached
Comment:
