ETH/USD : Possible directions for ETH

٥ مايو ٢٠٢١

ETHUSD
Hello everyone 😃

ETH is moving near it's recent ATH;
But now; According to FIBBO retracement levels, For a healthy growth, ETH needs to retrace to lower levels before any leg up above ATH !
Now There are two factors that makes ETH more bearish...
- Volatility indicator had a bearish crossover at buy limit zone.
- MA100 is located 18% lower from current level.

- Volatility indicator had a bearish crossover at buy limit zone.
According to 4H chart; Last time that Volatility had a bearish crossover on buy limit zone (17th April), It went down about 22%.
Now it just happened again ! Also this time, Volatility level is higher...
So we might see a rejection to mentioned levels before any other leg up !

- MA100 is located 18% lower from current level.
According to MA100 on 4H chart; Logically is not a technical data to say that we need a rejection on pair, But as MA100 gets more far.
The possibility for correction will increasing ! Now as I mentioned Above, FIBBO levels are located below current price.
MA100 have 18% distance on chart's scale from current pair and we can use this combination as a sign of reversal point for minor correction on ETH.

Support levels :
There is a support line which is located at $3150; Based on FIBBO retracement levels, $3150 support line won't act as stiff support line; So it can't be a possible reversal point for ETH !
Next support level is a stiff pressure zone ( $2680 - $2605 ), Which is located below FIBBO 61.8%; This level is an important level for Bulls, So if any correction happens. The lowest level for ETH should be around this zone.

📌 FIBBO 38.2% is located near $3000; Which is logically going to be a good reversal point for ETH.
FIBBO 50% is located near $2840; Based on FIBBO retracement knowledge, This level is the main reversal point after a correction !

🔴 This idea is just based on a Technical analysis and Trend analysis, However There is heavy Buy pressure on mid cap ALTs which is leading major coins to higher levels...
⚠ Have to mention that this analysis is not based on Sentimental or Fundamental analysis; It's just been analyzed by Technical Indicators and Repetition scales !
So there is a chance for ETH to continue it's grow to $4050 from current level.

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Helical_Trades