Hello, dear TradingView members.
This idea is an Ethereum analysis.
Ethereum, just like Bitcoin, is not bullish yet.
Yes, we had a 15% increase, breaking one of the resistance levels. However, it was only a resistance level, not a resistance zone.
Until we break our downtrend and confirm a breakout, we are officially in a downtrend.
Now let us get to this chart.
There are three resistance levels. One is the dynamic level, the upper band of our channel, and the other two are the static local resistance levels.
There are three support levels on the way down. Local and Solid, which we have ranged around in the past few weeks. And one support level around the $300-$400 level. Many traders are still waiting for this price zone which is highly possible, just not shortly.
First, we should wait and see if Bitcoin breaks the 17K-20K price zone.
The red circles are the reason this level is a strong resistance.
Almost impossible to pass in one or two attempts.
Our speedometer indicator is hinting at Neutral.
RSI still is not showing oversold signals in the weekly timeframe, so we still have room to go lower.
Let me know if you guys have any questions;
I will be more than happy to help.
Good luck, and thank you.
This idea is an Ethereum analysis.
Ethereum, just like Bitcoin, is not bullish yet.
Yes, we had a 15% increase, breaking one of the resistance levels. However, it was only a resistance level, not a resistance zone.
Until we break our downtrend and confirm a breakout, we are officially in a downtrend.
Now let us get to this chart.
There are three resistance levels. One is the dynamic level, the upper band of our channel, and the other two are the static local resistance levels.
There are three support levels on the way down. Local and Solid, which we have ranged around in the past few weeks. And one support level around the $300-$400 level. Many traders are still waiting for this price zone which is highly possible, just not shortly.
First, we should wait and see if Bitcoin breaks the 17K-20K price zone.
The red circles are the reason this level is a strong resistance.
Almost impossible to pass in one or two attempts.
Our speedometer indicator is hinting at Neutral.
RSI still is not showing oversold signals in the weekly timeframe, so we still have room to go lower.
Let me know if you guys have any questions;
I will be more than happy to help.
Good luck, and thank you.
