Hello Traders...
Here is my technical analysis for Ethereum.
-1st) As you know ETH's performance depends upon BTC for the most part. In the short term I'm expecting BTC to bounce to $42,300 roughly. In which case ETH would probably bounce as well and invalidate this TA. But in the case that BTC does not bounce and drops to $36K-$37K, the probabilities favor ETH following this trajectory.
-To start, ETH played out the bear flag I spoke about the other day beautifully, exactly as expected. That but only confirmed ETH's bearish momentum. There are many more signals that are giving me the opinion that the next target for ETH will be about $2,700.
-I won't go into too much detail, you can view my notes on the chart above. The main things to note are:
1) ETH has been trending between a descending channel. If this trend continues it will lead straight to that Major support at $2,700.
2) ETH closed below the EMA 50 which is a strong Bearish signal.
3) ETH closed below a minor support line. The fact that support line didn't hold and ETH easily broke through signals that the bears are in control.
4) Lastly, there really aren't any strong support lines between where price is now and $2,700. If ETH starts to trend down there will be nothing major to stop ETH from hitting the $2,700 level. Once the bears take control it won't be difficult for them to drive price down until the bulls step back in at the $2,700 major level.
-Either way however ETH gets there I"m expecting it to hit the $2,700 level in the near future.
-What can we expect from ETH at that level?
-More than likely I will open a long position once ETH hits that level. The probabilities should favor ETH getting at least a 5% - 7% bounce and potentially more.
Happy Trading and Good Luck!
Here is my technical analysis for Ethereum.
-1st) As you know ETH's performance depends upon BTC for the most part. In the short term I'm expecting BTC to bounce to $42,300 roughly. In which case ETH would probably bounce as well and invalidate this TA. But in the case that BTC does not bounce and drops to $36K-$37K, the probabilities favor ETH following this trajectory.
-To start, ETH played out the bear flag I spoke about the other day beautifully, exactly as expected. That but only confirmed ETH's bearish momentum. There are many more signals that are giving me the opinion that the next target for ETH will be about $2,700.
-I won't go into too much detail, you can view my notes on the chart above. The main things to note are:
1) ETH has been trending between a descending channel. If this trend continues it will lead straight to that Major support at $2,700.
2) ETH closed below the EMA 50 which is a strong Bearish signal.
3) ETH closed below a minor support line. The fact that support line didn't hold and ETH easily broke through signals that the bears are in control.
4) Lastly, there really aren't any strong support lines between where price is now and $2,700. If ETH starts to trend down there will be nothing major to stop ETH from hitting the $2,700 level. Once the bears take control it won't be difficult for them to drive price down until the bulls step back in at the $2,700 major level.
-Either way however ETH gets there I"m expecting it to hit the $2,700 level in the near future.
-What can we expect from ETH at that level?
-More than likely I will open a long position once ETH hits that level. The probabilities should favor ETH getting at least a 5% - 7% bounce and potentially more.
Happy Trading and Good Luck!