How low will ETH drop? An overview of this and last week
First of all I would like to take a moment to say thank you to all of my fans and followers! It is hard to believe, but DataMoney already have over 500 followers! Our community is growing and everyone is excited to see what the future holds!
Fun fact - If my post says that ETH will go up, I get 3x more views and 3x more likes compared to neutral or price drop posts 😅
As many of you have noticed, there were fewer posts last week. That is mainly due to 2 reasons:
1) It has been just silly busy the last couple of weeks here. You must have noticed this in my last posts.
2) Last week was a slow-burner. Basically, after you have read my last Monday's and Tuesday's posts "Will ETH follow H&S formation? Get ready for price action!" and "ETH is going down. Opportunity to short", you already had all the info needed for the rest of the week. Macro and Micro level data remained more or less the same for the rest of the week. Market stalled and many traders just took 4-5 day long weekend off 😎
A quick recap
On Monday, 15th March, we confirmed that ETH is forming a Head and Shoulders pattern and it seems that strong resistance has formed around $1750 and $1730, we were getting ready for price action!
On 16th, we draw to attention a possible worst-case scenario of a stale market. Where too many constraints prevent the price from moving up or down, it can make the rest of the week a bit difficult by pushing ETH into limbo. Unfortunately, that is exactly what happened.
On the 18th we went for a long weekend with "kumbaya" till the market drops below 1700 at the start of this week and here we are.
This week
Both Macro and Micro level data suggest a further drop of ETH price🔻 It is unclear at the moment what will be the bottom, however, $1600 is the #1 suspect and it all depends if data would indicate any strong support formation. Although we all know that crypto markets are unpredictable, current data suggest that this pattern will continue for the next 2-3 days. In case of low volatility, we will remain at the current price range and in case of high volatility, we can end up anywhere on the price chart.
As for today, we are looking at standard Mirco pattern breakout either up, if it breaks up and forms support at ETH $1660, OR down, if it breaks below $1620. The latter is more likely in line with the declining H&S pattern at the Macro level.
Today's technicals:
Position is Short
Forecasted highs at $1660, $1690 and unlikely $1710
Mid-way point at $1780 (Yes, ETH is well discounted and at the moment it seems that anything under $1660 is a good buy, unless it drops to $1600 😉)
Forecasted lows at $1640, $1600
Have fun trading! 🤑
If you would like to have early access to DataMoney ETH technical analysis, write "I am a DataMoney fan! ETH will go up!" or "I am a DataMoney fan! ETH will go down!" in the comments down below.
Fun fact - If my post says that ETH will go up, I get 3x more views and 3x more likes compared to neutral or price drop posts 😅
As many of you have noticed, there were fewer posts last week. That is mainly due to 2 reasons:
1) It has been just silly busy the last couple of weeks here. You must have noticed this in my last posts.
2) Last week was a slow-burner. Basically, after you have read my last Monday's and Tuesday's posts "Will ETH follow H&S formation? Get ready for price action!" and "ETH is going down. Opportunity to short", you already had all the info needed for the rest of the week. Macro and Micro level data remained more or less the same for the rest of the week. Market stalled and many traders just took 4-5 day long weekend off 😎
A quick recap
On Monday, 15th March, we confirmed that ETH is forming a Head and Shoulders pattern and it seems that strong resistance has formed around $1750 and $1730, we were getting ready for price action!
On 16th, we draw to attention a possible worst-case scenario of a stale market. Where too many constraints prevent the price from moving up or down, it can make the rest of the week a bit difficult by pushing ETH into limbo. Unfortunately, that is exactly what happened.
On the 18th we went for a long weekend with "kumbaya" till the market drops below 1700 at the start of this week and here we are.
This week
Both Macro and Micro level data suggest a further drop of ETH price🔻 It is unclear at the moment what will be the bottom, however, $1600 is the #1 suspect and it all depends if data would indicate any strong support formation. Although we all know that crypto markets are unpredictable, current data suggest that this pattern will continue for the next 2-3 days. In case of low volatility, we will remain at the current price range and in case of high volatility, we can end up anywhere on the price chart.
As for today, we are looking at standard Mirco pattern breakout either up, if it breaks up and forms support at ETH $1660, OR down, if it breaks below $1620. The latter is more likely in line with the declining H&S pattern at the Macro level.
Today's technicals:
Position is Short
Forecasted highs at $1660, $1690 and unlikely $1710
Mid-way point at $1780 (Yes, ETH is well discounted and at the moment it seems that anything under $1660 is a good buy, unless it drops to $1600 😉)
Forecasted lows at $1640, $1600
Have fun trading! 🤑
If you would like to have early access to DataMoney ETH technical analysis, write "I am a DataMoney fan! ETH will go up!" or "I am a DataMoney fan! ETH will go down!" in the comments down below.