ETH has been trending higher the past few days (MERGE Effect? )
ETH is now trading near 1650$.
It is moving inside a rising channel on 4H time frame.
Now there are two scenarios:
1- ETH breaks down the channel then that is short term Bearish signal for ETH and it can test 1476$-1400$ level.
2- ETH holds the lower support zone of the channel then it can again go for upper resistance line of the channel and potentially break it.
Pick the direction according to the side of breakout.
On the daily time frame we can see that ETH is trading in an accumualtion "livermore" cylinder with targets are 2500$ and 3300$. Invalidation of the pattern is below 1400$.
At the moment it looks like compression is coming to an end and breakout will happen 👀
Current Resistance area between:
> 1680
> 1700
> 1790
Personal POV:
Looking for a test of the 1700$ area, hoping for a breakout toward 1800$ as continuation🤞
It is moving inside a rising channel on 4H time frame.
Now there are two scenarios:
1- ETH breaks down the channel then that is short term Bearish signal for ETH and it can test 1476$-1400$ level.
2- ETH holds the lower support zone of the channel then it can again go for upper resistance line of the channel and potentially break it.
Pick the direction according to the side of breakout.
On the daily time frame we can see that ETH is trading in an accumualtion "livermore" cylinder with targets are 2500$ and 3300$. Invalidation of the pattern is below 1400$.
At the moment it looks like compression is coming to an end and breakout will happen 👀
Current Resistance area between:
> 1680
> 1700
> 1790
Personal POV:
Looking for a test of the 1700$ area, hoping for a breakout toward 1800$ as continuation🤞