$ETH Deep analysis
1. ETH 1H time frame
Key points of recent price action-
*Price had a bearish breakout from an Ascending Channel pattern.
* After the break out, price retested 100 MA level twice but failed to flip it both times.
* $3120 is an area of interest but only in low time frame. If ETH loses this area, next support level would be around $3010.
2. ETH 4H time frame
When we move to higher tf,
Trend is bearish right now. Price tried to break the $3194 resistance level but failed and currently is below 100 MA.
Next support area will be around $2996- $3010.
3. Indicators (Daily time frame)
* 100 MA has acted as good support as price bounced quickly once touching this level. Price is above 100 MA.
* RSI is below 50 level mark and not showing any strength.
* Stochastic crossed the 50 level mark with quick reaction when price bounced from 100 MA.
* MACD is in bullish trend.
Price is in a continuous down trend as BTC is dominating the market but the bearish breakout of the grey area is not a good signal for ETH. This area was a huge support level as it provided quick bounce to the price previously.
In 4H tf, price is still above 100 MA. If it ables to hold this level, then we might see a drastic fall in price.
* This is not a trade signal. It’s just my personal thoughts and for educational purpose.
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