$ETH UP SINCE JUNE 22, 2022📈📊
This chart shows Ethereum (ETH) price action against the US Dollar (USD) on a daily time scale, provided by TradingView. Here is an analysis of this chart:
Context and Structure:
1. Uptrend Line (Blue):
Ascending support line indicates a long-term uptrend. Prices are respecting this support and are moving higher.
2. Important Resistance Area (Upper Purple Rectangle):
The area around $4,800-$5,200 is a key resistance. Prices have failed to break this area in the past, indicating strong selling pressure.
3. Intermediate Support Zone (lower purple rectangle):
This zone (around $3,900-$4,000) has acted as resistance before and now seems to be acting as potential support.
Projections:
A break of the intermediate resistance ($4,000) could open the way to the test of the major resistance ($4,800-$5,200). This would explain the green arrow on the chart.
If the major resistance is broken, a new major bullish wave could occur.
In case of a rejection, prices could retest the ascending trendline.
Additional indications:
Duration and distance (118 days, +44%):
The vertical arrow suggests a potential 44% bullish move in 118 days if the momentum remains intact to reach its ATH.
Volatility Ahead: Areas marked with rectangles indicate key levels where buyers and sellers are interacting strongly.
The pattern is generally bullish as long as the ascending trendline is respected.
Investors should closely monitor the price reaction to the $3,900 and $4,800 areas.
A clear break above $4,800 could signal a potential new high. Conversely, a break below the blue trendline would signal structural weakness.