ETHUSDT Channel patterns with clear Resistance levels.
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For this unique analysis on ETHEREUM we are using the ETHUSDT symbol on the Phemex exchange.
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The idea is on the 1D time-frame, with the RSI being on the 1W for reasons we'll explain later. As you see, the dominant pattern since the January 24 market bottom, has been a Channel Up. Since the April 03 Higher High, the corrective wave towards the Channel's bottom, has turned into a Channel Down (yellow pattern). Right now this pattern has come to its closest to the Channel Up Higher Lows (bottom) trend-line since February 24.
The price has to overcome the Resistance levels of the 1D MA50 (blue trend-line) and the 1D MA200 (orange trend-line) but the current trading level appears to be the best buy opportunity since March 13. Technically, the next Higher High could be on the 0.618 Fibonacci retracement zone since Ethereum's All Time High (ATH). Interestingly enough, the previous two Higher Highs have been just above the 0.382 an 0.5 Fib retracement levels, so 0.618 as the next Higher High comes as a natural progression. Notice how the application of the Fibonacci Channel extension levels, charts perfectly a path to the ATH, which can be on the 1.5 Channel Fib extension.
Another interesting aspect, is how similar the current sequence on the RSI (1W time-frame as mentioned) is with the pattern of September 2021. That fractal was also a Channel Down corrective wave and when the 1W RSI bounced on its MA (yellow trend-line on the bottom pane), the price started an aggressive rally. We are expecting a similar development, unless the Channel Up breaks below its Higher Lows. In that case, we could see a test of the 2166 Support level.
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For this unique analysis on ETHEREUM we are using the ETHUSDT symbol on the Phemex exchange.
*** ***
The idea is on the 1D time-frame, with the RSI being on the 1W for reasons we'll explain later. As you see, the dominant pattern since the January 24 market bottom, has been a Channel Up. Since the April 03 Higher High, the corrective wave towards the Channel's bottom, has turned into a Channel Down (yellow pattern). Right now this pattern has come to its closest to the Channel Up Higher Lows (bottom) trend-line since February 24.
The price has to overcome the Resistance levels of the 1D MA50 (blue trend-line) and the 1D MA200 (orange trend-line) but the current trading level appears to be the best buy opportunity since March 13. Technically, the next Higher High could be on the 0.618 Fibonacci retracement zone since Ethereum's All Time High (ATH). Interestingly enough, the previous two Higher Highs have been just above the 0.382 an 0.5 Fib retracement levels, so 0.618 as the next Higher High comes as a natural progression. Notice how the application of the Fibonacci Channel extension levels, charts perfectly a path to the ATH, which can be on the 1.5 Channel Fib extension.
Another interesting aspect, is how similar the current sequence on the RSI (1W time-frame as mentioned) is with the pattern of September 2021. That fractal was also a Channel Down corrective wave and when the 1W RSI bounced on its MA (yellow trend-line on the bottom pane), the price started an aggressive rally. We are expecting a similar development, unless the Channel Up breaks below its Higher Lows. In that case, we could see a test of the 2166 Support level.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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