Entry Points and Targets for Ethereum
The weekly chart gives us an obvious bearish signal.
We can see lower swing highs which are the part of a H&S chart pattern.
The price moved below the trend line of the ascending price channel
RSI is bearish and confirm the further downward movement.
The same goes for MACD lines and histogram.
If we combine the signals above, we will have a trend reversal structure supporting the further downward movement.
I would consider a bearish plan as the priority for the next several months.
For this, the price has to stay BELOW the local swing high. It is $3600 and update the local swing low around $2180.
What is the main goal for the bears?
From my point of view, if the bears keep the control over the market, they will push the price to $1700 - 1450. If we combine these support levels with Fib tool, the space between $2000 and $1200 will give us additional targets.
I would consider that levels as possible entry points for buying. Of course, for this we will need the exact bullish setups from the daily and hourly time frames.
As for a bullish plan, we need to see a bullish weekly candle as soon as possible. It will be great if this week gives us the close price ABOVE the uptrend line. We will have a reversal setup from 0.% Fib level and a higher swing low. It will allows us to think about an upward movement at least to $3600.
And which plans do you have for this market? Please, share in comments.
We can see lower swing highs which are the part of a H&S chart pattern.
The price moved below the trend line of the ascending price channel
RSI is bearish and confirm the further downward movement.
The same goes for MACD lines and histogram.
If we combine the signals above, we will have a trend reversal structure supporting the further downward movement.
I would consider a bearish plan as the priority for the next several months.
For this, the price has to stay BELOW the local swing high. It is $3600 and update the local swing low around $2180.
What is the main goal for the bears?
From my point of view, if the bears keep the control over the market, they will push the price to $1700 - 1450. If we combine these support levels with Fib tool, the space between $2000 and $1200 will give us additional targets.
I would consider that levels as possible entry points for buying. Of course, for this we will need the exact bullish setups from the daily and hourly time frames.
As for a bullish plan, we need to see a bullish weekly candle as soon as possible. It will be great if this week gives us the close price ABOVE the uptrend line. We will have a reversal setup from 0.% Fib level and a higher swing low. It will allows us to think about an upward movement at least to $3600.
And which plans do you have for this market? Please, share in comments.
Penafian
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