ETH - 2 Month Prediction Played Out
Back on April 22 I made a prediction that Eth would fall to our support trendline. "ETH - Bearish Fractal Repeating" https://www.tradingview.com/chart/ETHUSDT/Y7Rco3Zt-ETH-Bearish-Fractal-Repeating/
If you press play on the chart on the left you will see how picture perfect the tap of support was.
Trendlines - Now that has played let's examine what could be next. In this chart I have 2 very important white trendlines drawn. One has been our support since the FTX collapse (lower trendline). This trendline recently caught our low as predicted 2 months ago. The top trendline acted as old support, but now is acting as resistance. Our next high will most likely be found at this upper trendline.
200 MA - What we can gather from the 200 MA is how important it has been in relation to price action. It acted as major resistance before the FTX collapse. Then held as support in March before our 50%+ rally. Current day it has caught the low again.
Fib Levels - It is important to look at the fib levels of this current rally. Over the past 4 days we have been holding the 0.236 as support (red fib level), but with todays candle it is currently below that trendline. If we are to continue to retrace the most important level would be the 0.618. The 0.618 is around 1,750.
RSI - The RSI also gives us a hint that a short term retracement could be on the table. I have a trendline drawn and have outlined all the taps of resistance we have had at this key RSI level with red arrows. As long as we are below this level the bears will be in control.
If the bulls are able to protect the levels I have mentioned then I could see a very large rally for ETH back to the top of the trendline. Depending on when this rally would occur it could put us any where between 2,500-2,700.
If you press play on the chart on the left you will see how picture perfect the tap of support was.
Trendlines - Now that has played let's examine what could be next. In this chart I have 2 very important white trendlines drawn. One has been our support since the FTX collapse (lower trendline). This trendline recently caught our low as predicted 2 months ago. The top trendline acted as old support, but now is acting as resistance. Our next high will most likely be found at this upper trendline.
200 MA - What we can gather from the 200 MA is how important it has been in relation to price action. It acted as major resistance before the FTX collapse. Then held as support in March before our 50%+ rally. Current day it has caught the low again.
Fib Levels - It is important to look at the fib levels of this current rally. Over the past 4 days we have been holding the 0.236 as support (red fib level), but with todays candle it is currently below that trendline. If we are to continue to retrace the most important level would be the 0.618. The 0.618 is around 1,750.
RSI - The RSI also gives us a hint that a short term retracement could be on the table. I have a trendline drawn and have outlined all the taps of resistance we have had at this key RSI level with red arrows. As long as we are below this level the bears will be in control.
If the bulls are able to protect the levels I have mentioned then I could see a very large rally for ETH back to the top of the trendline. Depending on when this rally would occur it could put us any where between 2,500-2,700.
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