Ethereum: Market Review
It is the market of broken trend lines. The 4H chart does not look strong bearish or bullish.
Buyers could not develop a new uptrend, after the breakout above the daily downtrend line. The price moved back to SMAs, and we could see an attempt to break SMA200. Sellers also did not succeed when the price moved below all SMAs, and we had a trend reversal signal.
What do we have now? The price moved above SMA200, which is acting as the main trend line. The price reached the resistance zone formed by the broken uptrend line and SMA100. If the price reverses from this zone, we will see a downward movement to the previous swing low. The breakout below 230.00USD will give a bearish signal with the main target at 215.00USD.
If the price can move above SMA100 and SMA50, we can expect the continuation of the further upward movement to the previous highs at 250.00USD. Also, if a new swing high will be higher than the previous one, we will be able to use a reversal as a possible signal for buying. It will be great if all bullish signals will be above the broken daily trend line.
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.
Buyers could not develop a new uptrend, after the breakout above the daily downtrend line. The price moved back to SMAs, and we could see an attempt to break SMA200. Sellers also did not succeed when the price moved below all SMAs, and we had a trend reversal signal.
What do we have now? The price moved above SMA200, which is acting as the main trend line. The price reached the resistance zone formed by the broken uptrend line and SMA100. If the price reverses from this zone, we will see a downward movement to the previous swing low. The breakout below 230.00USD will give a bearish signal with the main target at 215.00USD.
If the price can move above SMA100 and SMA50, we can expect the continuation of the further upward movement to the previous highs at 250.00USD. Also, if a new swing high will be higher than the previous one, we will be able to use a reversal as a possible signal for buying. It will be great if all bullish signals will be above the broken daily trend line.
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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