ETH/USD - Minor Resistance Found

20 thg 8, 2020

The price of Ethereum has bounced from its horizontal support level indicated by the Volume Profile Visible Range and started going to the upside again but found resitance at the intersection of the 200 EMA and the 0.382 Fibonacci level. We have seen a breakout from the descending trendline made from Mondays high, which is why further increase could be expected even if corrective in nature to at least the 0.5 Fib level or slightly above it at around the $430 level cluster, but the price needs to validate the bullish momentum first by breaking the current minor resistance.

As from the 15th of August, we have seen a double top the price has likely started its higher degree downtrend and is continuing to move lower past the currently significant horizontal support level on which it landed yesterday.