Another correction period for Etherum as it has had a great run the past few weeks. It has finally pulled over the 50 period moving average and kept the run, though as everything goes up a correction eventually comes. Etherum though has started to slow a little bit. The Heikin Ashi candles are getting smaller, though still below the 20 period moving average and the BB% shows a slight uptick. Bearish volume right now has slowed, but there is still a chance the correction may continue. May be a false signal of a trend change, but we will have to wait another 24 hours to see if it does.
If the correction continues, first area of resistance would be near 613 by the bottom bollinger and if it continues to drop past that, the 50 period moving average would be the next support area near 562. If the trend does change, first area of resistance is near 706 then 813 before another possible correction. These values can change as the support and resistance can changed based on averages.
If the correction continues, first area of resistance would be near 613 by the bottom bollinger and if it continues to drop past that, the 50 period moving average would be the next support area near 562. If the trend does change, first area of resistance is near 706 then 813 before another possible correction. These values can change as the support and resistance can changed based on averages.