During the correction from late 2021 to early 2022, the trendline provided very good support for the price. However, this threshold was later broken and ETH fell into a deep correction.
On the other hand, from June 2022 until now, ETH is still moving in the rising price channel and the lower edge of the price channel (Lower Channel Line) will play a strong support role for ETH.
According to the weekly chart, ETH has fallen below the 50-week SMA. This shows a less positive outlook for ETH during the year-end period. This will also be strong resistance for ETH in the future.
The Death Cross between the 50-week SMA and the 100-week SMA has appeared since October 2022 and has remained until now.
The writer expects that the adjustment process of ETH will continue for quite a long time. Therefore, investors should be careful when participating in bottom fishing at this price range.
On the other hand, from June 2022 until now, ETH is still moving in the rising price channel and the lower edge of the price channel (Lower Channel Line) will play a strong support role for ETH.
According to the weekly chart, ETH has fallen below the 50-week SMA. This shows a less positive outlook for ETH during the year-end period. This will also be strong resistance for ETH in the future.
The Death Cross between the 50-week SMA and the 100-week SMA has appeared since October 2022 and has remained until now.
The writer expects that the adjustment process of ETH will continue for quite a long time. Therefore, investors should be careful when participating in bottom fishing at this price range.
Trade closed: stop reached
