ETHUSDT → Retest of MA200 and trend support

2023年8月17日

ETHUSDT is testing a strong support area in the correction phase amid a bullish global trend. Bitcoin is falling and dragging the whole market with it

The price of Efirium is testing the support of the ascending triangle - this set-up is now global. At the same time, the price is testing the MA-200 (daily), which supports the trend. In our case, if this retest turns out to be false and the price forms a false breakout and is able to consolidate above the MA-200 and above the 1800 level, then the market may switch to a bullish direction again. In this case, the scenario will start to develop, which includes price growth to 2020 and in the medium term to 2457.
While bitcoin is dragging the whole market down, it will be hard for altcoins to break out upwards.
At the moment, the moving averages are clamping down on the price, with the coin trading in a narrow range.

Support levels: 1800, MA200
Resistance levels: 1872, MA50, 1900
In priority I am waiting for a false breakdown and continuation of the ascending triangle formation.

Regards R. Linda!