What's up traders, I hope you are all having a good start to the trading week.
Here we are analyzing ETH/USD on the 8H chart.
Continuing to keep a close eye on the entire Cryptocurrency market, as volatility continues to baffle trades across the spectrum. Price is currently trading at 734, after finding support at 658 with a double bottom pattern.
At current, price is trading at 734 after finding the support. Price had previously been in a free fall correction since 5th March, before hitting reliable double bottom support which was the right time to catch the falling knife.
Price will either break side-wards resistance at 795, then retest the side-wards resistance line as a new support before more up move. Or, price could hit side-wards resistance, have a small retracement to a minor support, before picking up the necessary momentum for the upside later.
If the bottom of the horizontal support at 640 level is breached. I will be concerned for Ethereum's trend health, and we would need to reconsider our options.
I will update this analysis when I receive above 40 likes.
I think the bottom is in as well. Some of the most recent downward move is a result of newsflow. SEC, Japan, China comments, Bianance hack attempt. Shorts are still trying to convince themselves that we are moving back down to 6k BTC price. So many are short on trading view - its a contrarian indicator. Volume on the downside moves/candles is dwindling and very light.
Jbos865
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@TomProTrader If you check the log scale you see (similar to btc) a large symmetrical triangle from ATH vs Trend. If we breakdown from this I would consider a target of 300$, if we break up I think a revisit of the ATH within 3 months is possible.
However, in the end only the development in BTC will matter. The charts are the very same on different scales.
If Btc breaks down so will ETH, if BTC goes up so will ETH.
TomProTrader
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Ty for sharing.
NoCode326
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@Jbos865, if you watch trades on Binance, ETH has been leading BTC over the last week.
CB58
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Entire crypto sector seems to lack trust and enthusiasm.