ETHEREUM - Under Pressure
Our updated Ethereum chart shows price under the ascending channel which is acting as resistance.
The 5,000$ is still far way where as as you can see on the chart there are 2 levels of support (our yellow arrows).
It reminds me of Bitcoin under the ascending channel.
History tends to repeat itself:
- We had a VERY SIMILAR situation in April
Price will need now also to break back into the channel before it can storm higher...why not much higher again
- We now have the 5,000$ level to break. Back in February we were facing the same challenges with the equally strong Psychological level of 2,000$
A healthy correction is needed before Ethereum can go higher.
With Bitcoin in similar situation we prefer to focus on new ideas and tokens unti Ethereum becomes an appealing chart to Buy again.
One Love,
the FXPROFESSOR
The 5,000$ is still far way where as as you can see on the chart there are 2 levels of support (our yellow arrows).
It reminds me of Bitcoin under the ascending channel.
History tends to repeat itself:
- We had a VERY SIMILAR situation in April
Price will need now also to break back into the channel before it can storm higher...why not much higher again
- We now have the 5,000$ level to break. Back in February we were facing the same challenges with the equally strong Psychological level of 2,000$
A healthy correction is needed before Ethereum can go higher.
With Bitcoin in similar situation we prefer to focus on new ideas and tokens unti Ethereum becomes an appealing chart to Buy again.
One Love,
the FXPROFESSOR
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