Several asked me to analyse ETH, but must say i find it a hard one to TA on, but going to try.
On the left it looks as if there is a channel, where it's moving in the middle of it. Looks that the 570/565 is the support to prevent a drop towards the 550/540. I have drawn a trend line there as well, but must say i am normally not a fan of these kind of lines, they are to unreliable. But in this case, it seems it coincides with the channel support in that green zone. Also think it's very important for ETH to stay above the 540 from now, because if it breaks it could drop below 500 again.
Now a drop towards the 550/540, could be similar to the scenario i described for Bitcoin, the shake out move towards the 18.400/18.000.
On the upside things look a bit clearer and easier to judge. The 585/590 zone seems to be a real important level past weeks. So short term, bulls need to break that level, which i think is similar to Bitcoin's 19250/400 resistance. I have also drawn that curved blue line, which are usually subjective lines, but it also shows a resistance around 590, so i think it might be a real one.
The Bitcoin analysis i am referring to:
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Previous analysis:
On the left it looks as if there is a channel, where it's moving in the middle of it. Looks that the 570/565 is the support to prevent a drop towards the 550/540. I have drawn a trend line there as well, but must say i am normally not a fan of these kind of lines, they are to unreliable. But in this case, it seems it coincides with the channel support in that green zone. Also think it's very important for ETH to stay above the 540 from now, because if it breaks it could drop below 500 again.
Now a drop towards the 550/540, could be similar to the scenario i described for Bitcoin, the shake out move towards the 18.400/18.000.
On the upside things look a bit clearer and easier to judge. The 585/590 zone seems to be a real important level past weeks. So short term, bulls need to break that level, which i think is similar to Bitcoin's 19250/400 resistance. I have also drawn that curved blue line, which are usually subjective lines, but it also shows a resistance around 590, so i think it might be a real one.
The Bitcoin analysis i am referring to:
Don't forget to like if you appreciate this :)
Previous analysis:
Comment:
New ETH analysis:
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