ETH price fell today to re-test the 100 Day Moving Average (in green).
In the past we found support above this moving average and last time we dipped under we quickly recovered.
Question is how will price react now to this level. At the time of this update, it seems to hold, however the momentum is not in favor of bulls right now, on the contrary.
A more reasonable level to find support and curve back up is at $1,100 which is also being approached by the 200 Day Moving Average in blue.
I believe we have a high chance to test that level before we can consider a new up-trend. It would also serve as a good long entry if we assume the overall macro trend remain intact. Obviously, keep a close eye on BTC as it is also re-testing the 30k level right now.
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In the past we found support above this moving average and last time we dipped under we quickly recovered.
Question is how will price react now to this level. At the time of this update, it seems to hold, however the momentum is not in favor of bulls right now, on the contrary.
A more reasonable level to find support and curve back up is at $1,100 which is also being approached by the 200 Day Moving Average in blue.
I believe we have a high chance to test that level before we can consider a new up-trend. It would also serve as a good long entry if we assume the overall macro trend remain intact. Obviously, keep a close eye on BTC as it is also re-testing the 30k level right now.
Like and follow if you liked this idea!
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