Compared to all other alts coins, ETH has rallied quite well. Following the blue line almost perfectly, like it's glued to it even since i started this analysis a month ago. Had quite the rally past 2 days but now already getting dumped again. Tricky thing now is, has the target already been reached or do we get to see at least another wave up.
The target of the big triangle on the left is around 220/240. While the bull flag in the middle has been reached already. Normally the triangle should have the most weight, so i am still giving it a chance for the coming month or 2.
Now since we made a higher low at 150 and we broke the previous high around 188, the triangle has been confirmed. This also means, the 150ish may not break anymore. But actually it should not even drop below the 170/175. Below the 160 i would already start to worry a lot. Because with crypto, we tend NOT to test the exact support levels but stay above them. So in other words, we should not even get close to the 150 anymore.
On the right we can see it broke an important short term support level around 190. At the moment there is some support at the short 185/4 support (previous bull flag). So if this breaks, it might drop straight to 179/175. If bulls want to break the bearish momentum now, we need to see it get above the 190ish again.
I think it is very likely to see a retest of the 175ish coming week. Likely because we have dropped so much so fast already. There is not an option to make a nice bull flag anymore from yesterday's rally. If the 194 breaks again within a day or 2, i might be wrong with assuming the 175ish gets tested again.
When looking at the volume, we can see it's not really great. It's decent but not what we should see with such a big breakout rally. So this is not in favor of the bulls and usually a sign that support levels need to get retested again to see if the rally was fake or if there are buyers ready to get in again.
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Previous analysis:
The target of the big triangle on the left is around 220/240. While the bull flag in the middle has been reached already. Normally the triangle should have the most weight, so i am still giving it a chance for the coming month or 2.
Now since we made a higher low at 150 and we broke the previous high around 188, the triangle has been confirmed. This also means, the 150ish may not break anymore. But actually it should not even drop below the 170/175. Below the 160 i would already start to worry a lot. Because with crypto, we tend NOT to test the exact support levels but stay above them. So in other words, we should not even get close to the 150 anymore.
On the right we can see it broke an important short term support level around 190. At the moment there is some support at the short 185/4 support (previous bull flag). So if this breaks, it might drop straight to 179/175. If bulls want to break the bearish momentum now, we need to see it get above the 190ish again.
I think it is very likely to see a retest of the 175ish coming week. Likely because we have dropped so much so fast already. There is not an option to make a nice bull flag anymore from yesterday's rally. If the 194 breaks again within a day or 2, i might be wrong with assuming the 175ish gets tested again.
When looking at the volume, we can see it's not really great. It's decent but not what we should see with such a big breakout rally. So this is not in favor of the bulls and usually a sign that support levels need to get retested again to see if the rally was fake or if there are buyers ready to get in again.
Please don't forget to like if you appreciate this.
Previous analysis:
הערה:
Will try to write a new analysis later today. For now, i would watch that channel on the right.
On the left we can see a small triangle, which can be a good indication on the short term to where it is headed.