ETH Short - Weekly Low Zone 1250 to 1160

2022年8月1日

ETH Daily

ETH currently shows a daily BB lower band of 1160, which lines up with the lower boundary of the middle green zone of the ETH log curve. Additionally, ETH on daily is showing the lower KC band of 1340 which lines up with the upper boundary of the middle green zone of the ETH log curve. SRSI has fallen daily under 80 into the middle channel. TTM Squeeze is showing daily cycle is two days into the local down trend but is far from reaching middle grounds. MACD on daily shows similar to TTM Squeeze with 3 days into the local down trend. Both MACD and TTM Squeeze indicate very early start of daily down trend.

On daily levels, I would speculate that ETH will drop first to $1570 (15 EMA), then to $1515, which is the middle band of KC/BB daily. If support at $1515 breaks, then I would speculate find next major support in the $1340 area, which is the bottom of the KC and lower log upper boundary of the middle green zone of the ETH log curve. Then followed by further down to the weekly low zone of $1250 to $1160. If price goes to the low weekly zone, I would look for support in the $1215 area.

Annotated D Chart Image

ETH Weekly

ETH on weekly is following 2018 log curve pattern very well. I would expect a 25% to 30% drop from the weekly opening, leaving price likely in the $1250 to $1160 zone. SRSI on weekly looks like it will bounce from 80 due to the bear market on a larger timeframe. TTM Squeeze and MACD on weekly showing local bottom was in 6-7 week ago. I would speculate that after hitting the $1250 to $1160 zone, ETH will range to the top of the middle green low curve zone. Then followed by a continued weekly downtrend to the $1,100 area.

Annotated W Chart image


ETH 3W

ETH 3W MACD showing confirmed up cycle started for next few months. However, expect big ranging in the lower green zone with good buy opportunities as outlined in the ETH weekly summary above. ETH on 3W timeframe is also currently following the 2018 log curve pattern and if this pattern continues high timeframe investors would open longs in the $1250 to $1,000 range. Currently, the 3W and Weekly timeframes do not indicate a sub $800 is ready yet. However, I do expect sub $800 to be possible in next 3-6 months after ranging to middle of the KC on the 3W timeframe.

Annotated 3W Chart image

An overall good opportunity is available for high timeframe players to pick the right long on the lower green zone while ETH is getting into range with KC on the 3W timeframe. However, major ranging will continue.

As always, please do your own diligence.

Enjoy!