Ethereum Reverses With The Market! (ETH)

Hi friends! Welcome to this update analysis on Ethereum! Let's get it! Looking at the four hour chart, you can see that ETH has rallied above the downtrend channel (in blue) but it's now beginning to roll back over to the downside. From here, ETH should return to the top of the downtrend channel, as it converges with the 20 EMA and the 78.6% retrace, to test that level for support. Since all of those levels are converging in the same area, it will be a critical zone to watch. If ETH begins to surpass that area to the downside, it would be indicative of a failed breakout, and that would be hella bearish. However, if ETH (more importantly BTC) posts a hold there, that would essentially be the market confirming the breakout above the downtrend channel. So, a hold would be bullish and a breakdown will be bearish. For educational purposes, if you want to trade this, you can wait for either setup to emerge, and buy a hold or sell a breakdown.

I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-Magic loves you-

-JD-