Ethereum Getting back Support key levels
Ethereum Getting back Support key levels
Cryptocurrencies are finally seeing some green figures today after touching meaningful supports again yesterday. Today's 4-hour charts show the first sizeable bullish candles after accumulated falls around 20% during the last ten days.
It looks like the outlook is positive in the short-term, with some small possibilities of developing some more bullish legs in the mid-term. Still, the main scenario continues to be fully bearish as we haven't reached yet technical levels that might indicate a change of trend.
Ethereum is also getting back the critical level lost yesterday at $480 and is now trying to consolidate the price congestion level at $485. Above there, there are multiple barriers, starting with a meaningful trendline at $505, followed by a price congestion resistance at $520 and the 50-EMA, that will probably hover around that level. The main target of the current movement is at $550, from where we might draw a bullish scenario in the mid-term.
On the downside, we can find a weak support at $480, but the most important level to watch is at yesterday's lows, at $449.78. Below there, anxiety levels might be triggered, with big falls down until the $400-$350 area.
MACD in the Ethereum 4-hour chart is also crossed to the upside, with room for a bullish development. The fact that this indicator is moving alongside the negative side of the indicator is warning us about some potential falls after each bullish leg.
Directional Movement Index in the same chart is also showing how sellers have taken control of the situation, while buyers follow the price but don't lead to any rises. There is no confidence and you can tell that seeing that any levels that are taken back don't trigger any immediate bullish continuation.
Ethereum Getting back Support key levels
Reviewed by mir khaleq ali
on
June 14, 2018
Rating:
Reviewed by mir khaleq ali
on
June 14, 2018
Rating:
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