ETHUSD - is it ready for another push towards $250 ?
Hi all,
ETH started to move South last Tuesday when it last hit $235. The level is acting as pretty strong resistance in front of bulls on their way up to $240.
During the weekend we saw a relatively calm session on Saturday when the leading altcoin remained flat. Then on Sunday, June 21 it continued to slide and ended the week at $227 with 1.7 loss on a weekly basis.
The price pullback came to an end today as bear pressure started to ease and the downward movement started to get exhausted. The ETHUSD pair is now trading at $237 or right above the already mentioned horizontal line and stays.
What I expect from here, if we have a proper closure on daily, is an attack of the $240+ levels with potential target $246-$247 if the local downtrend is broken.
If we go to the 4-h chart, we can see that ETH is still located in a downtrend channel. I expected a deeper correction to $220 as commented on Friday and also visible from the chart, but the $230 rejection resulted in a $4 loss for the coin, which was followed by a reversal.
Cheers,
ETH started to move South last Tuesday when it last hit $235. The level is acting as pretty strong resistance in front of bulls on their way up to $240.
During the weekend we saw a relatively calm session on Saturday when the leading altcoin remained flat. Then on Sunday, June 21 it continued to slide and ended the week at $227 with 1.7 loss on a weekly basis.
The price pullback came to an end today as bear pressure started to ease and the downward movement started to get exhausted. The ETHUSD pair is now trading at $237 or right above the already mentioned horizontal line and stays.
What I expect from here, if we have a proper closure on daily, is an attack of the $240+ levels with potential target $246-$247 if the local downtrend is broken.
If we go to the 4-h chart, we can see that ETH is still located in a downtrend channel. I expected a deeper correction to $220 as commented on Friday and also visible from the chart, but the $230 rejection resulted in a $4 loss for the coin, which was followed by a reversal.
Cheers,
Trade ist aktiv:
So, as predicted, ETH moved up to $240+ (242-243) but hit the local resistance, which did not allow a further increase in price. Let's see if bulls finally manage to establish a solid uptrend
