Hello Birdies,
Lets do a bird view of the ETH.
Terms:
ETH is currently battling with a weekly resistance and a left shoulder formed in August 2021. Another intriguing point is the support being backed up by a secondary, smaller left shoulder.
However, the price is at risk of falling beneath another weekly resistance if it closes below this level, potentially giving the BEARS an opportunity to push the price under $3500.
Oh, and if we breach below, expect the lows marked by the two left shoulders around $888 to be tested.
The next solid support beyond $888 stands at $590.
Future direction? It's a waiting game. Neutral stance maintained until a breakthrough above $4100, turning bearish if we dip below $3500.
Lets do a bird view of the ETH.
Terms:
- W = Weekly
- R = Resistance
- S = Support
- LS = Left Shoulder
ETH is currently battling with a weekly resistance and a left shoulder formed in August 2021. Another intriguing point is the support being backed up by a secondary, smaller left shoulder.
However, the price is at risk of falling beneath another weekly resistance if it closes below this level, potentially giving the BEARS an opportunity to push the price under $3500.
Oh, and if we breach below, expect the lows marked by the two left shoulders around $888 to be tested.
The next solid support beyond $888 stands at $590.
Future direction? It's a waiting game. Neutral stance maintained until a breakthrough above $4100, turning bearish if we dip below $3500.