ETH 2 October 3360 Supply Barrier
Dear Traders
Yesterday I published the analysis that shows the ascending Channel which got Created inside of our Descending Channel in last week so
today I notice that we are still inside of this channel and since yesterday Price line tests 3 time the Higher line of the channel,.
in that regards if in next 4 hours ETH manage to Pass the 3360 price which is the top line of the channel and make the candle above it so we will have the confirmation of uptrend until the next stop (3600- 3500 Area).
Support me with comment and like if this Analysis is helpful to you,.
Please trade base on you knowledge and research.
Must of the indicator are showing the Buy Signal in 4HD Chart.
From a technical point of view, Ethereum still faces one obstacle before it can advance toward $4,000.
The Fibonacci retracement indicator, measured from the mid-May all-time high of $4,384 to the Jun. 22 low of $1,700, suggests that $3,360 represents an important supply barrier. The 61.8% Fibonacci retracement level and the 50-day moving average are both hovering around this price point. Such a significant resistance cluster could help determine the direction of Ethereum’s trend.
For instance, another bullish impulse that allows Ethereum to slice through $3,360 could mark the resumption of the uptrend. In this eventuality, ETH could climb to test the psychological resistance level at $4,000 before aiming for the all-time high of $4,384.
ETH's circulating supply is decreasing at a rapid rate, which could lead to a supply shock. Therefore, the $4,384 level may not be able to contain it from surging to a new all-time high of $5,000.
However, market participants must be aware of the threat that $3,360 poses. Rejection from this critical resistance level could result in further losses as some traders may be encouraged to exit their long positions. The increase in downward pressure could push Ethereum below $2,700 and start a new downtrend to $1,700.
In the event of a bearish outlook, Ethereum would have to hold above $1,700 as there is no other important support level underneath it that could prevent it from crashing to $1,000.
Crypto briefing
Will update During the Weekend
Boon Weekend, Good luck and happy Trading
Yesterday I published the analysis that shows the ascending Channel which got Created inside of our Descending Channel in last week so
today I notice that we are still inside of this channel and since yesterday Price line tests 3 time the Higher line of the channel,.
in that regards if in next 4 hours ETH manage to Pass the 3360 price which is the top line of the channel and make the candle above it so we will have the confirmation of uptrend until the next stop (3600- 3500 Area).
Support me with comment and like if this Analysis is helpful to you,.
Please trade base on you knowledge and research.
Must of the indicator are showing the Buy Signal in 4HD Chart.
From a technical point of view, Ethereum still faces one obstacle before it can advance toward $4,000.
The Fibonacci retracement indicator, measured from the mid-May all-time high of $4,384 to the Jun. 22 low of $1,700, suggests that $3,360 represents an important supply barrier. The 61.8% Fibonacci retracement level and the 50-day moving average are both hovering around this price point. Such a significant resistance cluster could help determine the direction of Ethereum’s trend.
For instance, another bullish impulse that allows Ethereum to slice through $3,360 could mark the resumption of the uptrend. In this eventuality, ETH could climb to test the psychological resistance level at $4,000 before aiming for the all-time high of $4,384.
ETH's circulating supply is decreasing at a rapid rate, which could lead to a supply shock. Therefore, the $4,384 level may not be able to contain it from surging to a new all-time high of $5,000.
However, market participants must be aware of the threat that $3,360 poses. Rejection from this critical resistance level could result in further losses as some traders may be encouraged to exit their long positions. The increase in downward pressure could push Ethereum below $2,700 and start a new downtrend to $1,700.
In the event of a bearish outlook, Ethereum would have to hold above $1,700 as there is no other important support level underneath it that could prevent it from crashing to $1,000.
Crypto briefing
Will update During the Weekend
Boon Weekend, Good luck and happy Trading
Supply Barrier is achieved and we are ready to pump again.
Resistant 3580-3644
Support 3300-3224
position Long for now