Ethereum likely Bearish than Bullish
ETH/USD
Bearish Case
- Break through the resistance downtrend and come back down to retest the supporting trendline
- Rising Wedge breaking sideways
- MACD on the 4hr and Daily looks to be turning bearish
- Ethereum Merge coming 14th of September, buy the rumour sell the news event?
Target Zone
- $1100 (0.786 fib retrace)
- ~$1550 (blue support trendline)
Bullish Case
- Retest the resistance downtrend (Red) and bounce off to retest the $1850 USD which is also 0.618 retrace zone
- Stays within the supporting trend line and breaks the ascending triangle
Target Zone
- $1850 (0.618 fib retrace)
- $2370 (0.5 fib retrace with ascending triangle breakout)
Thoughts?
Bearish Case
- Break through the resistance downtrend and come back down to retest the supporting trendline
- Rising Wedge breaking sideways
- MACD on the 4hr and Daily looks to be turning bearish
- Ethereum Merge coming 14th of September, buy the rumour sell the news event?
Target Zone
- $1100 (0.786 fib retrace)
- ~$1550 (blue support trendline)
Bullish Case
- Retest the resistance downtrend (Red) and bounce off to retest the $1850 USD which is also 0.618 retrace zone
- Stays within the supporting trend line and breaks the ascending triangle
Target Zone
- $1850 (0.618 fib retrace)
- $2370 (0.5 fib retrace with ascending triangle breakout)
Thoughts?
Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.