ETH Is Dangerously Close to Support! What's Gonna Happen Next?
For this week’s analysis, we will stick to the 4-hour time frame to analyze this week's price action in detail!
With Bitcoin not being able to break out from the resistance at $20,000, ETH has also continued to trade sideways. The price of ETH has been ranging between $1,400 and $1,280. Given that it is now trading dangerously close to the support level of about $1,280, a collapse could be seen if the support level is broken.
If Ethereum falls below the $1,280 mark, it will find support again at around $1,000. In other words, if the price closes below $1,280 during the next four hours, expect a sharp decline to $1,000. If the demand zone is respected, a short-term relief rally to $1,400 might also be observed.
At the moment, traders should hold off from taking any positions until either side of the zone is taken out and a clear direction is seen. If the resistance at $1,400 is taken out, expect a strong move toward the next supply zone at $1,530. However, until support from the greater market is seen, traders should not expect any significant rallies in ETH.
The important price levels for this week are $1,400 and $1,280!
For more expert analyses, check out our trading analysis section! (link in bio)
With Bitcoin not being able to break out from the resistance at $20,000, ETH has also continued to trade sideways. The price of ETH has been ranging between $1,400 and $1,280. Given that it is now trading dangerously close to the support level of about $1,280, a collapse could be seen if the support level is broken.
If Ethereum falls below the $1,280 mark, it will find support again at around $1,000. In other words, if the price closes below $1,280 during the next four hours, expect a sharp decline to $1,000. If the demand zone is respected, a short-term relief rally to $1,400 might also be observed.
At the moment, traders should hold off from taking any positions until either side of the zone is taken out and a clear direction is seen. If the resistance at $1,400 is taken out, expect a strong move toward the next supply zone at $1,530. However, until support from the greater market is seen, traders should not expect any significant rallies in ETH.
The important price levels for this week are $1,400 and $1,280!
For more expert analyses, check out our trading analysis section! (link in bio)