ETH Zones To Watch into 2023
Happy New Years!
Here we are looking at ETHUSD on the Weekly TF.
I’d like to begin this analysis by looking at the local trading channel (white) that ETH has been trading within for the last 9 weeks since its sharp move down. Since its move down into this range, price action has been slow which has translated into sideways movement on the charts.
The sideways action following the downwards move looks an awful lot like a bear flag to me, so where might it find support if it breaks through the current support of this local channel?
ETH made its low back in June 2022 (roughly $880), and has not re-tested that line (yellow) since making that low. For this reason, it seems like a strong possibility that ETH will head to that price zone, if of course it breaks through its current support (bottom white line).
Additionally, I’d just like to point out that ETH is currently at its macro downwards sloping resistance line (green). We will continue to monitor this zone to provide timely updates to you all…
In the meantime, let me know in the comments what you predict ETH will do next!
Cheers!!
Here we are looking at ETHUSD on the Weekly TF.
I’d like to begin this analysis by looking at the local trading channel (white) that ETH has been trading within for the last 9 weeks since its sharp move down. Since its move down into this range, price action has been slow which has translated into sideways movement on the charts.
The sideways action following the downwards move looks an awful lot like a bear flag to me, so where might it find support if it breaks through the current support of this local channel?
ETH made its low back in June 2022 (roughly $880), and has not re-tested that line (yellow) since making that low. For this reason, it seems like a strong possibility that ETH will head to that price zone, if of course it breaks through its current support (bottom white line).
Additionally, I’d just like to point out that ETH is currently at its macro downwards sloping resistance line (green). We will continue to monitor this zone to provide timely updates to you all…
In the meantime, let me know in the comments what you predict ETH will do next!
Cheers!!
To see my exact trades:
Stocks: inthemoneystocks.com/verified-investing-alerts/
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Stocks: inthemoneystocks.com/verified-investing-alerts/
Crypto: verifiedinvesting.com/
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