What will happen with Ethereum before the end of this month.
My basic analysis, I am still learning :)
The red rectangle is a key resistance area: from 1100 to 1160.
Two hours ago ETHUSD did not reach this resistance area and it pulled back a little but it is even possible to enter this area in the next hours.
I think that if ETHUSD does not enter this area, it could fall to the bullish support line and then it will retest entering the resistance area.
So:
Scenario 1 (red one). It could fall lower than the bullish support line and then it could reach the 800-900 area.
Scenario 2 (green one). It could fall only to the bearish resistance line and then pull back and enter resistance area. Here it could oscillate for a moment and then it will brake this area with high probability. This way it will move to mayor resistance area (1350-1400).
The red rectangle is a key resistance area: from 1100 to 1160.
Two hours ago ETHUSD did not reach this resistance area and it pulled back a little but it is even possible to enter this area in the next hours.
I think that if ETHUSD does not enter this area, it could fall to the bullish support line and then it will retest entering the resistance area.
So:
Scenario 1 (red one). It could fall lower than the bullish support line and then it could reach the 800-900 area.
Scenario 2 (green one). It could fall only to the bearish resistance line and then pull back and enter resistance area. Here it could oscillate for a moment and then it will brake this area with high probability. This way it will move to mayor resistance area (1350-1400).
Comment:
It looks like this is a bearish flag. What do you think?
Order cancelled