Looking at the 4-hour time frame of Ethereum, we see see flat price action for the past month. The price has been floating over this 1645 level that hasnt been retested, but neither has $1284 on that March low.
Just like the banking contagion in May, i’m expecting some upside because the crypto markets really liked the banks failing. There’s the downside potential of ETH retesting 1,645, which would break the current market structure, but if we hold this current level around 1,820, i’m expecting another retest of 1,995, the EQ of this range and a psychological level for Ethereum.
This downwards move I believe was the weekly / monthly low being created, and i’m looking now for upside to 1,995 and 2,120. These two targets would complete and reach the top of the range, then we look for our expansion candle outwards to 2,407.
As always please do your own research, this is not financial advice.
Just like the banking contagion in May, i’m expecting some upside because the crypto markets really liked the banks failing. There’s the downside potential of ETH retesting 1,645, which would break the current market structure, but if we hold this current level around 1,820, i’m expecting another retest of 1,995, the EQ of this range and a psychological level for Ethereum.
This downwards move I believe was the weekly / monthly low being created, and i’m looking now for upside to 1,995 and 2,120. These two targets would complete and reach the top of the range, then we look for our expansion candle outwards to 2,407.
As always please do your own research, this is not financial advice.
Trade active:
Quick update from my ETH chart I posted earlier this month.. we have not seen any significant movement either to the downside or upside, and are in a state of trading flat as the market makes up its mind in terms of direction.
At the moment, we've held the $1800 support level fairly well without a retracement back down to $1,645, so this shows some positive momentum for our movement up to $1,995 and then for a possible $2,100 target. We will re-evaluate this position either at $1,995 or our breaking point when we lose the $1800 level and are headed for $1,645.
Either way, we already market cycle bottomed back in November, ETH's was in June. Look at the chart.
Cheers traders
Quick update from my ETH chart I posted earlier this month.. we have not seen any significant movement either to the downside or upside, and are in a state of trading flat as the market makes up its mind in terms of direction.
At the moment, we've held the $1800 support level fairly well without a retracement back down to $1,645, so this shows some positive momentum for our movement up to $1,995 and then for a possible $2,100 target. We will re-evaluate this position either at $1,995 or our breaking point when we lose the $1800 level and are headed for $1,645.
Either way, we already market cycle bottomed back in November, ETH's was in June. Look at the chart.
Cheers traders
