BTC Fibzone
Placing a fib timezone from bottom of Nov 21 fib day to first uptrend high Dec 13th fib day reveals an alternating between highs and lows
Via TradingView Ideas https://ift.tt/SZk8eFzPlacing a fib timezone from bottom of Nov 21 fib day to first uptrend high Dec 13th fib day reveals an alternating between highs and lows
Via TradingView Ideas https://ift.tt/SZk8eFz2 near term scenarios, both bearish:
1) bounce at 1743
2) bounce in range of 1535-1688, then another leg down to under 1500
More downside will start next week and last until mid-may
General negative market sentiment imposed by the testimony of SEC Chair Gensler, made an impact on the crypto market. The market entered into a general price correction, after a very good period during the last month, and especially from the beginning of this year. The price of ETH continues to be supported by the latest Shanghai hard fork, which is currently reflected in the futures prices for this coin. Short term spot price correction was in line with general market sentiment. During the previous week, ETH price was pushed from $2.1K down to $1.830. Still, as of the end of the week buying orders emerged, which is positive for the coin.
Two weeks ago, the RSI indicator reached a clear overbought side of the market, which was an indication that a short reversal is coming. It occurred during the previous week, when RSI broke the 50 level, and headed toward the oversold side. Still, the indicator is ending the week around level of 45. On a positive side is that the moving average of 50 days continues to diverge from its MA200 counterpart, still supporting the Golden cross.
Emerging buying orders as of the weekend point that the price of ETH might be supported during the week ahead. It is currently testing a $1.850 support line. There is some probability that the price might oscillate around this level in the week ahead, reaching lower grounds at $1.8K. On the opposite side, there is lower probability that $2K might be tested again, however, levels below $2K might be easily reached.
Hello, welcome to this ETHEREUM /USD update by CRYPTO SANDERS.
CHART ANALYSIS:-Ethereum (ETH) continued to trend lower on Saturday, as the world’s second-largest cryptocurrency dropped below 1,900.
Following a high of 1,926.30 on Friday, ETH/USD fell to an intraday low at 1,827.79 earlier in the day.
As a result of this move, ethereum started the weekend by declining to its weakest level since April 9.
Today’s price slippage also resulted in ETH briefly breaking out of an interim support point at 1,830.
Bulls swiftly reentered the market seemingly buying the dip, and this has resulted in ethereum now trading at 1,848.66.
Although there is likely to be further declines in the coming days, once this current red wave passes, there may be a significant reversal.
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Key areas to watch are labelled with the price point tool
If we break down this middle line and support is not found there is still one lower band for support to be found
The curve channel is overall bullish until the larger curve structure is broken
Lets see what happens
The following chart shows trend lines I find to be particularly relevant for Ethereum going forward.
The green trend line is created by the wick downs in June and July 2017; The trend created by these wicks has been followed by ETH since. This line is DEEPLY relevant, this is evident in the fact that time and time again this line has been used as support and resistance by price. By cloning this line and placing it at previous local tops we are able to see the importance of the trend line as price uses each cloned line as support and resistance for 5+ years.
The red trend line is created by the using the all time high in November 2021 and the top from April 2022.
The blue line is created from some recent swing lows on ETH below our main green trend line.
It was another very good week for ETH. Shanghai fork was successfully implemented, which pushed the price to the higher grounds and above the psychological level of $2K. Although many analysts were concerned that the majority of holders of staked ETH`s might start selling their coins, as soon as they became available for them for free use, still it did not happen. Instead, ETH reached its highest weekly level at $2.1K, ending the week above $2K. Although the charts for ETH look very positive in the short term, still, the futures market has some concerns, as ETH futures curve took an inverted path for one more time.
Recent strong push in price impact for RSI to finally reach the overbought side of the market. After the level of 75 has been reached, it could be expected that short term reversal might occur in the coming period. Moving average of 50 days continued with its divergence from MA200 counterpart, further confirming the Golden cross, which occurred some time ago.
Looking historically, the level of $2K was always a psychological line for ETH. As this line is again reached, there is high probability that the coin will continue to struggle to sustain this level. RSI reached a clear overbought side, which might trigger some short term reversal in the coming days. Still, it should not be expected some significant move to the downside, but rather until levels around $1.9K eventually till support line at $1.850. However, if $2K withholds the pressure, then $2.1K resistance might be tested again, with lower probability that $2.3K as a next resistance might be tested in a week ahead.
Hi,Some modifications have been made to my last idea about the price path.
Good Luck & Patient