ETHUSD is currently forming a potential ADAM and EVE setup on the daily chart . The price of Ethereum has been in a downtrend for some time, but has recently formed an Adam pattern with a sharp and rapid decline followed by a sharp and rapid rise. This formed the V-shaped bottom of the Adam pattern.
Following the Adam pattern, Ethereum has been gradually increasing in price, forming the second bottom of the pattern known as the Eve pattern. This gradual and rounded increase in price confirms the ADAM and EVE setup.
Using trendlines to connect the bottoms of the Adam and Eve patterns, as well as a 200- day MA line, we can see potential areas of support and resistance . The support level is currently at around $1300, while the immediate resistance level is at around $2100 which is the Neckline of the setup.
If the pattern is confirmed, we could potentially see a big buying opportunity at the support level , with the potential for the price to rise back up to the resistance level considering price trading above 200-day MA.
Keep an eye on Ethereum and the potential ADAM and EVE setup to see if it develops further."
Do make sure to appreciate our effort with your likes. Remember to follow us for latest update and do join our live trading update. As always, it's important to conduct your own research and analysis before making any trades, and to never risk more than you can afford to lose.
Following the Adam pattern, Ethereum has been gradually increasing in price, forming the second bottom of the pattern known as the Eve pattern. This gradual and rounded increase in price confirms the ADAM and EVE setup.
Using trendlines to connect the bottoms of the Adam and Eve patterns, as well as a 200- day MA line, we can see potential areas of support and resistance . The support level is currently at around $1300, while the immediate resistance level is at around $2100 which is the Neckline of the setup.
If the pattern is confirmed, we could potentially see a big buying opportunity at the support level , with the potential for the price to rise back up to the resistance level considering price trading above 200-day MA.
Keep an eye on Ethereum and the potential ADAM and EVE setup to see if it develops further."
Do make sure to appreciate our effort with your likes. Remember to follow us for latest update and do join our live trading update. As always, it's important to conduct your own research and analysis before making any trades, and to never risk more than you can afford to lose.
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ADAM & EVE setup still in progress
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Although I expect a potential move this way, closing my current long at the neckline, but if price break the neckline we should buy the pullback.