Using the Fibonacci Retracement I have identified several support zones. It is clear ETH has bounced off the mid-long term support zone several times back in May/June/July, which also coincides with the long-term trend. MACD indicates there is a short-term downward momentum which could see a correction ETH price to the short-term support zone which is the confluence with the long-term trend. This would be a very good buy zone, $2600-$2200, where a bounce is likely to send the price back up to the short-term resistance, $3600 and then retest the all time high.
Keeping an eye out for the price to break the long-term trend which I would expect the price to re-test the mid-long term support if it does break.
These are the 2 possible scenarios I am looking out for.
This is not financial advice.
Keeping an eye out for the price to break the long-term trend which I would expect the price to re-test the mid-long term support if it does break.
These are the 2 possible scenarios I am looking out for.
This is not financial advice.
Comment:
Comment:
ETH has respected the long-term trend and short-term support. I expect ETH to now retest short-term resistance and a break will see it continue and exceed the all-time high. MACD is swinging to cross over and stochastic is indicating a trend shift.
Comment:
We are now testing the short-term resistance and approaching the apex of the ascending triangle. Price is currently consolidating and soon we should see a breakout. A possible pullback to the short-term resistance to look out for. I am confident ETH will continue to follow the long-term trend.
Comment:
Keeping a close eye on the next few days as ETH has now approached the all-time high and looking to break.