Current analysis of Ethereum (ETHUSD) - viewing in the D1 chart
Starting from the all-time high of 4,381 USD marked in May, the Ethereum price has completed a crash-like sell-off down to 1,730 USD. A bounce from the 61.8% fibonacci retracement of the price surge that started in March 2020 was finally followed by a renewed test of the low, the technical significance of which has increased due to the 200-day line now also acting as a support.
On Tuesday there was a temporary shortfall that turned out to be a false outbreak and thus a bear trap. Bargain hunters took hold at the low of USD 1,700 and pushed the price up to USD 2,045. We now rate the low as critical from a technical point of view. A significant shortfall should extend the sell-off from the record high in the second downward wave towards USD 1,520, USD 1,293-1,420 and possibly even USD 911-1,041.
As long as the USD 1,700 mark holds, the bullish short-term setup of the erroneous breakout could, in our opinion, manifest itself in further temporary price increases. A break above the reaction high at USD 2,045 would be necessary to confirm this, which remains to be seen. Our primary goal, if successful, is $ 2,250 / $ 2,300. To brighten up the medium-term chart image, however, an increase above the massive resistance zone at USD 2,847-3,000 would be necessary.
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Global Investa
Starting from the all-time high of 4,381 USD marked in May, the Ethereum price has completed a crash-like sell-off down to 1,730 USD. A bounce from the 61.8% fibonacci retracement of the price surge that started in March 2020 was finally followed by a renewed test of the low, the technical significance of which has increased due to the 200-day line now also acting as a support.
On Tuesday there was a temporary shortfall that turned out to be a false outbreak and thus a bear trap. Bargain hunters took hold at the low of USD 1,700 and pushed the price up to USD 2,045. We now rate the low as critical from a technical point of view. A significant shortfall should extend the sell-off from the record high in the second downward wave towards USD 1,520, USD 1,293-1,420 and possibly even USD 911-1,041.
As long as the USD 1,700 mark holds, the bullish short-term setup of the erroneous breakout could, in our opinion, manifest itself in further temporary price increases. A break above the reaction high at USD 2,045 would be necessary to confirm this, which remains to be seen. Our primary goal, if successful, is $ 2,250 / $ 2,300. To brighten up the medium-term chart image, however, an increase above the massive resistance zone at USD 2,847-3,000 would be necessary.
If you liked the analysis, please give me a like and follow me to stay up to date. You support my work tremendously!
Always good trades!
Global Investa