Welcome fellow Tradingviewers,
In this analyses we are going to show you our view on the current market situation for Ethereum. This analyses is a followup from our previous analyses which will be linked below, where we caught the over 100% gain for ETH/BTC to exactly 0.04BTC.
There has been a lot going on around Ethereum , Ethereum 2.0 and Defi which has all helped to the current bullish view that a lot of traders have on Ethereum .
We will be analysing ETH using a top-down strategy, including candlestick patterns, indicators and price patterns.
Monthly:
- Bearish engulfing close
- MACD Bullish
- Tested 0.04 btc for the first time in a long time
- Tested 50MA
- Tested 0.786 as a resistance
- Volume is still flat
Weekly:
- Last candle closed as a bearish engulfing candle
- We have tested the 200 MA as stated in the previous analyses
- First retest of the 100 MA (Yesterday)
- The MACD crossed bearish
- Approaching 0.618 Fib. support
- Volume is still flat
Daily:
- The last daily candles closed as bullish engulfing followed by bearish engulfing and the current candle is starting to look strong upon touching 100 W MA
- We had our support tested and confirmed at 0.03.
- Death cross from the 50 and 100 MA, following the drop below the 200MA
- We have a bearish MACD with potential
In summary:
At the moment things are not looking great for Ethereum against Bitcoin. We have the long term bearish signals from the monthly to the weekly. The bright side is todays candle, which is a test of the 100 Weekly MA. If we might overthrow the last daily candle then we could be in for a fast v shaped recovery. Vital here is to overthrow the 200 daily MA to switch the trend back to bullish on the daily timeframe. If this upwards movement that we are seeing today is not going to sustain then it would be logical for us to go down between the 50 and 100 MA stretching to the 0.618 short term support located around 0.025 which would be a vital support area to sustain the upwards momentum. This would be the ideal and maybe even last zone for buys, if this support fails then we might be in for a hard time with ETH/BTC and we will ofcourse let you guys know in time!
This analyses is only intended to share my idea, to educate and entertain you guys.
This should not be considered as financial advice.
I hope you guys enjoyed this analyses, if you did don't forget to leave a Like!
If you want to share your thoughts, please do so in the comments below!
Kind Regards,
Frank | Forallcrypto
In this analyses we are going to show you our view on the current market situation for Ethereum. This analyses is a followup from our previous analyses which will be linked below, where we caught the over 100% gain for ETH/BTC to exactly 0.04BTC.
There has been a lot going on around Ethereum , Ethereum 2.0 and Defi which has all helped to the current bullish view that a lot of traders have on Ethereum .
We will be analysing ETH using a top-down strategy, including candlestick patterns, indicators and price patterns.
Monthly:
- Bearish engulfing close
- MACD Bullish
- Tested 0.04 btc for the first time in a long time
- Tested 50MA
- Tested 0.786 as a resistance
- Volume is still flat
Weekly:
- Last candle closed as a bearish engulfing candle
- We have tested the 200 MA as stated in the previous analyses
- First retest of the 100 MA (Yesterday)
- The MACD crossed bearish
- Approaching 0.618 Fib. support
- Volume is still flat
Daily:
- The last daily candles closed as bullish engulfing followed by bearish engulfing and the current candle is starting to look strong upon touching 100 W MA
- We had our support tested and confirmed at 0.03.
- Death cross from the 50 and 100 MA, following the drop below the 200MA
- We have a bearish MACD with potential
In summary:
At the moment things are not looking great for Ethereum against Bitcoin. We have the long term bearish signals from the monthly to the weekly. The bright side is todays candle, which is a test of the 100 Weekly MA. If we might overthrow the last daily candle then we could be in for a fast v shaped recovery. Vital here is to overthrow the 200 daily MA to switch the trend back to bullish on the daily timeframe. If this upwards movement that we are seeing today is not going to sustain then it would be logical for us to go down between the 50 and 100 MA stretching to the 0.618 short term support located around 0.025 which would be a vital support area to sustain the upwards momentum. This would be the ideal and maybe even last zone for buys, if this support fails then we might be in for a hard time with ETH/BTC and we will ofcourse let you guys know in time!
This analyses is only intended to share my idea, to educate and entertain you guys.
This should not be considered as financial advice.
I hope you guys enjoyed this analyses, if you did don't forget to leave a Like!
If you want to share your thoughts, please do so in the comments below!
Kind Regards,
Frank | Forallcrypto
