Hello everyone
I'm bluenix. I will try to share technical analysis with you at least once a week as much as I can.
I will try to review Bitcoin, Ethereum and some altcoins that caught my attention and of course HIVE :)
Today, I want to give my opinion about Ethereum.
Let's start with Ethereum's support and resistance levels.
We're now at 1258. As you can see, it looks like the beginning of a trend that has worked 2 times from 1071. In fact, I think we need to wait for the 3rd contact so that we can call it a trend.
If the price continues to move downwards, the 1071 support zone will be waiting for us. This is a zone where the last two declines were won by buyers.
If the price wants to continue rising without falling below these zones, I think it needs to break 1336-1355, which is a strong zone, with a strong breakout candle and close at least a 4-hour candle above it. As you can see, it's a zone that has been working well for a long time.
After a day close above the 1336-1355 zone, the price will have taken the first step towards the 1600 zone, where the big decline started, where there are strong sellers.
I think that if the price comes this far, it will not fall without taking the liquidity of the 1680 region :)
Anyway, these are the areas we need to talk about later. We've got a tough start to the week ahead of us and it's a question of whether the price will be able to break through these levels or whether it will fall back to the buyer areas that I mentioned.
- Let's look at it as a low time frame.*
Unless there is extra bad news, 1215 is the Demand zone. I expect buyers to move from this zone.If an upward movement comes, 1313 is the first resistance zone.
Thank you very much for reading this far, take care and see you in the next analysis. 🤚
** None of the information shared here is investment advice. I'm just sharing my own ideas.**