Places to Watch Out for in Ethereum (ETH), Which Is Making Its First Move in the Upward Direction!
Ethereum (ETH), which is leading the altcoins in the crypto currency market, which has been on the rise since October, faced a wave of sales after approaching the psychological resistance of 4.000 dollars.
The 4.000 dollar level, which is also a technically important point, creates a short-term bearish effect on ETH that also affects altcoins. ETH, which has reached a market capitalization of $460 billion in Coinmarketcap, is trading at $3,890 as of the time of publication, while maintaining the balance in the market.
Daily Appearance After the First Attack!
Especially with the rise in the price of Bitcoin (BTC) and the decline in the ETH/BTC pair, altcoins that have gone through a difficult process are breathing with the recent rise in ETH, while ETH is being tested with resistance.
September May's red downtrend, which came from the peak of 4.372 dollars in the daily chart, ETH is trying this resistance once again. At the same time, ETH, which is also facing the resistance of $ 3.935 horizontally, is expected to break this resistance soon and move to the next resistance of $ 4.122. While it is known that volumes have fallen in the market as of the weekend, it can be seen that ETH has turned this situation into an opportunity and broken the resistance.
If ETH sees a sales pressure at this level, it can be expected to go down towards $3.704 in the first place. At this point, if there is no strong upward attack and the support is broken, the price may fall to $ 3.402, which is the MA50 level.
Steep And Narrow Ascending Channel
After the upward movement that came on Thursday, ETH, which forms a short–term steep and narrow ascending channel formation on the 4-hour chart, is facing resistance in the range of 3.973 - 4.000 dollars.
ETH, which rose and declined to $ 3.971 in its first move into this resistance area, is still maintaining its strength on the buyers side. Considering that this channel will continue and retry this resistance, the price is floating towards the 3.877 dollar support because it has not seen a drastic decrease in the price.
If this channel is lost, the $3.776 level is waiting for ETH with EMA21 and SuperTrend support. At the same time, the 3.781 dollar, which is also the horizontal support level, can make the direction turn up again. But if this level is lost, the next support is located at $ 3.661. Above the 4.000 dollar, the break may bring up the 4.111 and 4.286 dollar levels in the short term.