Ethereum: Possible Price Reversal from 367USD Strong Resistance
It is an amazing market! The strong upward movement from 240USD to 355USD within 12 days, it tells us about how strong buyers are, and they are in control of the market.
After that breakout above 300USD, we did not see a correction movement, and the price moved up toward the strong resistance zone between 350USD and 367USD. Why is this resistance zone so important? You need to look at the past price action and how the market changed the direction in this zone.
For buyers, this strong resistance can be a zone for fixing the profit. It will give a reversal and a pullback. I would like to see a correction movement toward 300USD support. Reversal signals from this zone will be good for buying. Buying now does not look like a good idea in spite of the strength of buyers.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
After that breakout above 300USD, we did not see a correction movement, and the price moved up toward the strong resistance zone between 350USD and 367USD. Why is this resistance zone so important? You need to look at the past price action and how the market changed the direction in this zone.
For buyers, this strong resistance can be a zone for fixing the profit. It will give a reversal and a pullback. I would like to see a correction movement toward 300USD support. Reversal signals from this zone will be good for buying. Buying now does not look like a good idea in spite of the strength of buyers.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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