MUST HOLD LEVEL FOR ETHEREUM!

20 thg 7, 2021

Eth has been getting dragged down with the market just like everything else and we are now at a pretty crucial level of support for ETH and if we dont hold this for our daily close there is a good chance we see a fall. We have broken out to the downside of this descending triangle and i have outlined the key pivot points that are in play, green being support, yellow as the pivot point and red as the resistances. We are holding up right on this first green support and we need to hold this level for daily close or the next support we have is the 0.7 FIB level. Now this is a very interesting situation because we are seeing some bearish indicators but to me the RSI is looking like we are due for a reversal, we are just about in the oversold area like a hair away and we could potentially see a fakeout with ETH, a fakeout to the downside of the descending triangle but then could see a recovery back up if this support is held and if our RSI starts to come back up, so this is definitely a hard one to judge on where we are headed, keep in mind if BTC keeps falling our indicators for the time being don't really mean anything. Now the bollinger bands we got to be very careful with as we are starting to ride the bottom band and you guys know what that means... a more than likely fall in price unless we see a recovery and some bull momentum. For sure an important chart to watch for daily close tonight! Not financial advice just my opinion!