This is a daily chart, of ETHUSD on Kraken.
We see a relatively bullish uptrend as of late, but I expect resistance to be hit around the $240 level.
Why? A few reasons.
Firstly, we can see a cluster of historical resistance and support around those levels.
Makes sense for price to be tested there again.
Secondly, the $240 level is right around the 0.382 retracement, if we draw a Fib from the high pivot around $364 to the low pivot around $165.
0.382 is a frequent area of resistance.
Do you have different potential areas of resistance, based off of different analysis, i.e Gann, etc?
Anyway, let's keep our eyes peeled.
We see a relatively bullish uptrend as of late, but I expect resistance to be hit around the $240 level.
Why? A few reasons.
Firstly, we can see a cluster of historical resistance and support around those levels.
Makes sense for price to be tested there again.
Secondly, the $240 level is right around the 0.382 retracement, if we draw a Fib from the high pivot around $364 to the low pivot around $165.
0.382 is a frequent area of resistance.
Do you have different potential areas of resistance, based off of different analysis, i.e Gann, etc?
Anyway, let's keep our eyes peeled.