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ETH/USDT Daily Chart Update !!
The bears defended the overhead resistance at $1700 (in red) and stopped the recent vertical rally in a daily timeframe. This caused the price to sink below the horizontal support at $1,420, which overlapped with the 0.5 Fibonacci level at the time of writing.
The following support ranges between $1280-$1320 (in green). It is crucial that the bulls can hold the price above this range. If ETH closes below it, the momentum will tilt in favor of the bears, and the cryptocurrency could miss a significant chance to advance before the Merge event.
On the other hand, if it bounces from the support level, it could be the case that when the 100-day moving average line (in white) reaches the resistance zone, the bulls will try their chance to clear this hurdle. If it happens, this could open the doors for a rally to $2000.
Relative Strength Index (RSI) 14d: this index is approaching the midpoint. It suggests the balance between supply and demand.
Nevertheless, the RSI indicator has formed a descending resistance trendline, and the next bull run won’t be anticipated unless the mentioned threshold gets broken.
Remember:-This is not a piece of financial advice. All investment made by me is at my own risk and I am held responsible for my own profit and losses. So, do your own research before investing in this trade.
Sorry for my English it is not my native language.
Do hit the like button if you like it and share your charts in the comments section.
Thank you.
ETH/USDT Daily Chart Update !!
The bears defended the overhead resistance at $1700 (in red) and stopped the recent vertical rally in a daily timeframe. This caused the price to sink below the horizontal support at $1,420, which overlapped with the 0.5 Fibonacci level at the time of writing.
The following support ranges between $1280-$1320 (in green). It is crucial that the bulls can hold the price above this range. If ETH closes below it, the momentum will tilt in favor of the bears, and the cryptocurrency could miss a significant chance to advance before the Merge event.
On the other hand, if it bounces from the support level, it could be the case that when the 100-day moving average line (in white) reaches the resistance zone, the bulls will try their chance to clear this hurdle. If it happens, this could open the doors for a rally to $2000.
Relative Strength Index (RSI) 14d: this index is approaching the midpoint. It suggests the balance between supply and demand.
Nevertheless, the RSI indicator has formed a descending resistance trendline, and the next bull run won’t be anticipated unless the mentioned threshold gets broken.
Remember:-This is not a piece of financial advice. All investment made by me is at my own risk and I am held responsible for my own profit and losses. So, do your own research before investing in this trade.
Sorry for my English it is not my native language.
Do hit the like button if you like it and share your charts in the comments section.
Thank you.
