Hi guys,
Cheers,
- ETH is now above the mid-term downtrend line, which is now acting as support as visible from the price movements in the last three days.
- The coin is also successfully defending the $200 horizontal support and hasn't closed below this level since May 21. The double top was invalidated.
- On the 1-h chart it's also visible that the ether found its last low not only near the mid-term downtrend line but also where it crosses the short-term uptrend
Cheers,
Comment:
ETH is progressing pretty well after finding its bottom near the above-mentioned meeting point of the mid-term downtrend line and the short-term uptrend. We need a closure around this level now, without going sub-$200 or losing the slow EMAs on the lower timeframes.
Comment:
ETH is in a stable uptrend, now using the 50 + 100 day EMAs as support on the 1h chart:
