Hey guys, I hope you're all having a great weekend. I just wanted to give a quick update on what I'm seeing with Ethereum. I've been tracking it very closely for the past 12 hours or so.
On the Hourly chart, it may be time to start paying attention. You'll see we are close to overbought on the RSI, but if you take a look at the 4-hour chart, we have some room. In fact, the Daily has just finally touched above 30 for the first time in weeks!
Over the next hour or two, it'll be worth seeing if ETH holds around the USD 388 support level. You can see it's currently facing at least some resistance in the low 390s, and that was the area of the high a few days back. We're also inching closer to the 200-hour Exponential Moving Average and the USD 400, and those will likely serve as pretty strong resistance as well.
All that said, if/if Ethereum can hold the 388 level, there may be an opportunity for some small gains as it heads back up to test resistance. Certainly not a home run, but those of you who have read my other ideas probably noticed I don't swing for the fences. I aim for consistency.
Please like this idea if you find it helpful. Take care and good luck.
On the Hourly chart, it may be time to start paying attention. You'll see we are close to overbought on the RSI, but if you take a look at the 4-hour chart, we have some room. In fact, the Daily has just finally touched above 30 for the first time in weeks!
Over the next hour or two, it'll be worth seeing if ETH holds around the USD 388 support level. You can see it's currently facing at least some resistance in the low 390s, and that was the area of the high a few days back. We're also inching closer to the 200-hour Exponential Moving Average and the USD 400, and those will likely serve as pretty strong resistance as well.
All that said, if/if Ethereum can hold the 388 level, there may be an opportunity for some small gains as it heads back up to test resistance. Certainly not a home run, but those of you who have read my other ideas probably noticed I don't swing for the fences. I aim for consistency.
Please like this idea if you find it helpful. Take care and good luck.
Comment:
Just a quick update...USD 388 has been broken on the Hourly. The candle has not closed yet, but it's pretty solid and may close below. The next fairly strong support is around USD 382, and that is also right about where the 100-hour EMA is sitting at the moment. That would also give the hourly RSI a chance to cool off a bit. Probably worth holding tight and not making any entries until we see how it plays.