Ethereum'is on the trouble! Almost all the altcoins trades above the major counter-trendline but Ethereum'is not on the list anymore.
It has a break downwards from the trendline and from the strong area which is not the good sign but we can find something positive also, currently, it has an opportunity to make a new higher low on the market structure and it shows that the power is still there but we lost the momentum. It has the difficult times ahead to break above the first strong area at $225 and it is even harder because on the four-hour chart there are also 50 and 100 EMA's which started to work as a resistance!
To see a bullish Ethereum'
1. BTC 'and the whole market has to start to grow, Ethereum' can't push the price upwards by itself!
2. It has to break above the blue line at $225
3. It has to break above the counter trendline
4. And the final confirmation is a break above the second strong resistance at $236
If the market can't find that power then we may come down to the "smoother trendline" (brown line) and even lower than that! So, be careful!
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It has a break downwards from the trendline and from the strong area which is not the good sign but we can find something positive also, currently, it has an opportunity to make a new higher low on the market structure and it shows that the power is still there but we lost the momentum. It has the difficult times ahead to break above the first strong area at $225 and it is even harder because on the four-hour chart there are also 50 and 100 EMA's which started to work as a resistance!
To see a bullish Ethereum'
1. BTC 'and the whole market has to start to grow, Ethereum' can't push the price upwards by itself!
2. It has to break above the blue line at $225
3. It has to break above the counter trendline
4. And the final confirmation is a break above the second strong resistance at $236
If the market can't find that power then we may come down to the "smoother trendline" (brown line) and even lower than that! So, be careful!
If You are interested about the latest cryptocurrency news, coin reviews and breaking stories from the world of blockchain then visit our website! (The LINK is on the profile)
Hopefully, this analysis helped You out a little bit to confirm your own analysis and if You appreciate what we do here then hit the LIKE button!
Best regards!
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