Ethereum Technical analysis

Hello Everyone Welcome back to another Ethereum update

Hello guy you guys can see on Ethereum over the weekend we were testing a very key support level here in terms of the exponential moving averages we did get a breakdown formation late Sunday night and of course right now you will see the Market open We are continuing to use the exponential moving averages as resistance I am paying heavy attention to 2429$ that is going to be the buying opportunity

Looking at previous price analysis you will notice that this level of course was acting as a crucial resistance as soon as we saw the third test breakout we saw a massive short squeeze on Ethereum but we have to keep in mind that Ethereum did see a rally from the $2,200 into the $2700 range looking for a long position at the current level is a lot more riskier than simply waiting for this level to be tested as support if we can get that confirmation and the close above that zone we will have that continuation trade

The Daily we are testing our 9 exponential moving average as well we have not tested our 20 EMA which of course lines up pretty close to the ex-support zone of $2429 and usually that level will act as a very strong magnet This is why I keep telling you guys to be very cautious when you are looking for long opportunities and wait for $2429 and then look for that continuation if of course, Ethereum does end up losing 2429$ that is, of course, the main level for Bulls but if we end up losing that support Zone as long as we hold above 2122$ in terms of a midterm range we are still in a bullish case scenario that is the daily support

Bitcoin Dropping Ethereum is continuing to consolidate which usually means that is a good sign ideally what we want to see Bitcoin drop and Ethereum go up with course that means alt season is just around the corner and this is why I keep mentioning to you guys not to be looking for any sort of Swing shorting opportunities just simply waiting for levels to play out and then entering the continuation Longs $2429 ideally what we want to see is a three test Wick so what that means of course is three tests on that $2429 three candle closes and then entering that long position for those of you that are looking for scales of course keep your all eyes remain at the Zone but that's pretty much