Welcome to this extensive analysis of Etherium. If you are reading my updates for the first time, make sure you follow me if you want the most complex charts Explained in the most simplified manner. I also post margin and futures trade setups.
Now, let’s get to the chart. ETH broke all the support like BTC and made a low of $2300. In our last trade, we got stopped out at $2920. Currently, ETH is entering the resistance cluster. Once we break above the $2885 area it is highly likely that we will see some rallies further above the 3k zone. SO $2885 or we can simply say that the price needs to break and close above the blue MA along with the falling expanding channel.
CONCLUSION:- ETH needs to break and close above both the channel and the blue MA in order to enter a new rally until then it is hitting resistance. Also, the pattern is bullish with buy-side momentum increasing throughout the market, which is a good sign. Let's just wait for this confirmation., ETH is a long above $2900 with SL below $2682
Invalidation:- Daily close below $2682
What do you think of this chart? Do share your views in the comment section and do not forget to hit the like button.
We think it will break your resistance according to the condition of the price in our chart:
MarsSignals
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Great chart
InkyGrip
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Exactly, the price needs to have a breakout from 3k resistance. It's a strong area and the market needs volume and momentum to have a clear breakout of it.