Ethereum: $1000, $500, $350-300
In this post I wrote about the true bottom around $1000. But I was wrong thinking like that. It looks like the true bottom will be below $1000.
If we look at the daily chart, we will see a possible bullish setup.
The bears couldn’t push the price below the key support. The bullish candle tells us about a reversal. RSI and MACD histogram confirm it.
We should be ready to see an upward movement toward MAs and $1450, which is the nearest resistance.
I’m not ready to talk about a trend reversal. There are no fundamental reasons for it. But a correction movement in the bearish market makes sense. After the correction, I won’t be surprised to see the continuation of the bearish trend with new lows.
I wrote about $1000 as the true bottom. But I thought that this price we will have with Bitcoin at $14 000. So, what does it mean?
It means that IF/WHEN Bitcoin moves below $20 000 and reaches $14 000 - 10 000, Ethereum will be able to reach $500 and even $350-300 support area. I’m not sure about $500 support as the true bottom, but the area $350-300 may become it without any problems. So, I would like to say that the true bottom hasn’t reached yet and it will be around $350. The time will show who is right. But I'm planning my trades considering the thoughts above.
And what do you think about the further market movements? Share your thoughts in comments below. I read all of them and I’m grateful for your feedback.
If we look at the daily chart, we will see a possible bullish setup.
The bears couldn’t push the price below the key support. The bullish candle tells us about a reversal. RSI and MACD histogram confirm it.
We should be ready to see an upward movement toward MAs and $1450, which is the nearest resistance.
I’m not ready to talk about a trend reversal. There are no fundamental reasons for it. But a correction movement in the bearish market makes sense. After the correction, I won’t be surprised to see the continuation of the bearish trend with new lows.
I wrote about $1000 as the true bottom. But I thought that this price we will have with Bitcoin at $14 000. So, what does it mean?
It means that IF/WHEN Bitcoin moves below $20 000 and reaches $14 000 - 10 000, Ethereum will be able to reach $500 and even $350-300 support area. I’m not sure about $500 support as the true bottom, but the area $350-300 may become it without any problems. So, I would like to say that the true bottom hasn’t reached yet and it will be around $350. The time will show who is right. But I'm planning my trades considering the thoughts above.
And what do you think about the further market movements? Share your thoughts in comments below. I read all of them and I’m grateful for your feedback.
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