ETH/USD - Levels To Buy
Cryptocurrency as a whole took a beating yesterday, with Bitcoin -3.09% leading, the market went into a short free fall across almost the entire marketplace. If you take a quick look at my last analysis posted on Ethereum -3.45% , you'll see the plan pretty much went perfectly up until yesterday, except from where price broke the support/resistance zone but instead of staying above the zone as I had hoped for, price actually went below the zone instead, therefore negating the last part of my analysis. This was due to a hard sell off in the marketplace, and I didn't foresee the market going down as steeply as it did. But this has happened, and obviously I will continue to track every step Ethereum -3.45% takes to make sure we're sufficiently updated, so that we can react to a trade as soon as needed.
Now looking at Ethereum -3.45% , it traded strongly downwards in yesterdays trading session to the horizontal support zone between 425 and 408. since hitting the zone, price has stopped, at least for now and is showing some very small signs of bullish presence. When price has only just hit the support zone , it is too early to predict whether price will actually stay at this support or potentially go lower. So for that reason I will now outline the possibilities, and then just keep updating the analysis as Ethereum -3.45% begins moving properly.
Ethereum -3.45% is now likely to run 2 possible paths. they are:
-- Ethereum -3.45% bounces off the horizontal support zone it's currently at, corrects higher to around 456, which is the level where the 20 and 50 moving average will likely be by then, and they will act as resistance, before again falling to the downside, hitting the horizontal support zone we're at now, again.
-- Ethereum -3.45% does a small pop now, not more than 10 points, and falls again, and gets dominated by the bears again. If this happens we will break the horizontal support zone and fall lower, probably finding support at a side-wards support line at 362 before a likely bounce up.
Bear in mind that if price falls lower to the side-wards support line it has a much higher odds of bouncing from this level, purely on the basis that by the time Ethereum -3.45% gets this low, it would be in an extended downtrend and it would need to correct here as per normal Elliot Wave behavior.
I will continue to update this analysis if it receives enough attention.
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Jul 11
Comment: I forgot to mention... If price breaks above 456, this could equally signal a recovery upside move!
Will bee post updated as it progresses. :-)
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ETH has more cushion because the last bounce was more significant.
This means while BTC -3.09% is dropping to lower lows, ETH has yet to break the bottom of this dump yet.
Momentum still favors the odds to break this level until we see BTC -3.09% make some kind of move that shows bulls buying the dip.
ETH Bulls need to be cautious as we are much close to the must hold daily support than BTC -3.09% is.
This means we will likely break to a lower low before BTC -3.09% does on the longer term time frames.
BTC -3.09% has not shown us 1 sign of bullish action since our last $6,800 rejection and the momentum shift.
We cannot give bulls ANY benefit of the doubt against this trend unless they give us a reason to.
Posted from my blog with SteemPress : https://smartereum.com/24033/ethereum-price-analysis-today-eth-usd-eth-yet-to-see-lower-lows-or-levels-to-buy/