Ethereum (ETH) Price Update: Retesting Support
Hi guys!
Here are my thoughts on Ethereum for today.
ETH - Daily Chart
Tools used: Fib-Channel and Ichimoku Cloud
Two things I would consider from this daily chart:
- Retest on prior resistance turning support (fib channel 0.786 level). It seems like a strong support at least for now but so far this level never been a support on the daily chart. It'll be interesting to see if this will hold.
- Ethereum is still inside the cloud. Retesting resistance to the upper resistance around that $1,000 price area. Judging by the thickness of the cloud, ethereum might get reject by the cloud and breakdown to retest the support level.
On the overall trend like bitcoin, ethereum is still inside the massive bull flag and on a downward trend. Also, the last weekly candle gives a confirmation of a bounce instead of a reversal to the upside.
I think if the current support breaks, we might see another price crash. But I could be wrong, the support might hold and ethereum might rally to exit the cloud . And retest the major resistance around $1,000 price area.
Happy trading guys! Hope you make lots of money today!
Disclaimer
You know the drill guys. This is just opinion and not a financial advise. Do you own research and decide your own trades. Cheers!
good graph ..
and inspired to buy etherum
Thank you. If you want to get some ethereum I would suggest to wait for a confirmation but in the end its your own decision. Cheers!
Ichimoku cloud is pointing further continuation of ths bull trend. Great.
So far, I think ethereum has been less volatile compared to bitcoin. It's be great if ethereum could break from this cloud.