[Ethereum] Is it really the bottom?? Will it fall more?

27 maj 2022

#Crack #Ethereum #ETHUSD #Binance #Daily

- Ethereum is testing the support of the section $1,651.51-$1,786.12, which provided strong support from May to July of 2021.

- The Fibonacci expansion of the bear trend was supported by the 0.618 level, and VP was made, but the 0.618 level support failed in the bear trend that appeared the previous day.

- The possibility of further declines should be kept in mind because of the bear trend that emerged while making a VP at the centerline of the ongoing bear trend.

- If the bear trend proceeds, we can see the possibility of a bear trend to $658.95-$752.49, where the 1st level of the Fibonacci extension of the bear trend is located at the bottom of the bear trend.

- If the support of the strong lows fails at $1,651.51-$1,786.12, it is highly likely to turn into strong resistance, so it is better to avoid buying in the long term.

- If the $1,651.1-$1,786.12 support is successful, we can expect a bull trend to break out the $2,160.98-$2,301.88 resistance, which is located at the bottom of the bullish channel.

- If a settlement is confirmed after breaking out the $2,160.98-$2,301.88 resistance, it seems that a long-term buy response can be attempted.

- As the current rsi candle indicator continues to show low signals, a trend reversal can be expected. As mentioned above, in the case of a failure of the $1,651.51-$1,786.12 support, a long-term bear trend can continue.