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Ethereum keep a positive approach

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Avatar for cryptoking1514
Written by   18
2 years ago

Hello everyone, today  I want to talk about Ethereum, the second most capitalized cryptocurrency of the market start an ascending trend since the bottom of march 13, we can see on the 3 month chart that the uptrend seem solid

Since the sell-off of June 2 Ethereum price draw a sideway movement that was healthy to consolidate the actual gains, in any case now we are at a support level at 238 Dollar (at the moment I write), the price is far from touch the trendline but we may consider to check some support in case we will see a downtrend in the next days.

As we said the 238 Dollar is the first support that is followed by the 231 Dollar area that look like a weak level, the most important support right now is at 218/222 Dollar (the purple area on the chart).

Is important to note that the last support is also an important test for the actual trendline, if that support will be brakeout the trendline could not be valid no more and may be the start of a down trend.

On the upside we notice a resistance at 246,50 Dollar, the second level that is pretty much close is at 253 Dollar that is the maximum of the last 3 month.

For find the next resistance we may look at the 6 month chart and focus at 275 Dollar, this represent a very tricky level as at just 10 Dollar up we find the maximum of the last 6 month and the level from which we experienced the huge sell-off of February-march.

 

Five Days Chart

Even to the last 5 days chart we notice the sideway trend of this week, it seems that the 246 Dollar is a big barrier and the 237 Dollar was a kind of a support that is yet brake, anyway we may expect that the trend will keep going in a mini trading range for other few days before start to chose a direction.

 

Thanks for reading and hope you enjoy this post, remember always to do your own research before investing

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Written by   18
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Comments

Ethereum is doing well these days. I think it has to do with the ETH 2.0 Thank you for providing this gist.

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