Ethereum likely Bearish than Bullish
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ETH/USD
Bearish Case
- Break through the resistance downtrend and come back down to retest the supporting trendline
- Rising Wedge breaking sideways
- MACD on the 4hr and Daily looks to be turning bearish
- Ethereum Merge coming 14th of September, buy the rumour sell the news event?
Target Zone
- $1100 (0.786 fib retrace)
- ~$1550 (blue support trendline)
Bullish Case
- Retest the resistance downtrend (Red) and bounce off to retest the $1850 USD which is also 0.618 retrace zone
- Stays within the supporting trend line and breaks the ascending triangle
Target Zone
- $1850 (0.618 fib retrace)
- $2370 (0.5 fib retrace with ascending triangle breakout)
Thoughts?
Bearish Case
- Break through the resistance downtrend and come back down to retest the supporting trendline
- Rising Wedge breaking sideways
- MACD on the 4hr and Daily looks to be turning bearish
- Ethereum Merge coming 14th of September, buy the rumour sell the news event?
Target Zone
- $1100 (0.786 fib retrace)
- ~$1550 (blue support trendline)
Bullish Case
- Retest the resistance downtrend (Red) and bounce off to retest the $1850 USD which is also 0.618 retrace zone
- Stays within the supporting trend line and breaks the ascending triangle
Target Zone
- $1850 (0.618 fib retrace)
- $2370 (0.5 fib retrace with ascending triangle breakout)
Thoughts?
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