Hodl, dear members of LeoFinance!
Today, I would like to comment on the price chart of Ethereum because, although the bears continue to put pressure on the prices of the cryptocurrency, ETH/USD looks strong!
So, in the 4-hour chart (4H), ETH/USD has formed a sequence of local lows at almost the same level (between $3800 and $4100):
These local lows have created a solid support level for the price of Ethereum. Most other major cryptos have formed a Descending channel (downtrend, or a sequence of lower highs and lower lows, respectively) in the 4-hour chart. That's why I think that ETH/USD looks good so far!
Interestingly, if we have a look at the last candlesticks in the 4-hour chart (4H), we can find some interesting formations. First, ETH/USD formed Three Black Crows - a bearish candlestick formation:
However, after that, ETH/USD formed a Bullish Engulfing - a potential trend reversal signal. Next, the Bullish Engulfing didn't receive confirmation because a solid bearish candlestick formed almost immediately. Nevertheless, the bulls didn't let the price go further down: a Dragonfly Doji formed that is also a potential trend reversal candlestick according to Technical Analysis theory.
What I want to say is that although the bearish pressure continues in the crypto market the Ethereum bulls are fighting fiercely and want to stop the bears. In my view, if the bearish pressure in the crypto market diminishes, and later disappears thatn Ethereum will be among the first cryptos to resume the uptrend.
To be continued ...
As of the time of writing, one ETH costs $4040,79 on the Bitstamp crypto exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 and a half years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
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