ETHEREUM → False breakdown of MA-200 could lead to a BULLRUN ↑

27 lip 2024

ETHUSD in the correction phase, testing zones of interest (0.5 fibo and MA-200), forming a false breakdown, which in general can lead to a strong upward movement supported by strong fundamentals.



Fundamentally, ETH is quite positive. ETH-ETFs were launched on July 23 and continue to gain momentum. The correction, which has been observed for the last two days is mainly due to the outflow from GrayScale (exactly the same scenario was with BTC), also a slight pressure is created by the situation with Mt.Gox, but against the background of BTC transfers to exchanges and their distribution among its debtors, bitcoin is strengthening, such behavior of the flagship indicates support for eth.
Technically, the price is forming a correction to 0.5 fibo relative to the bullish momentum as well as a retest of the Daily MA-200, forming a false breakdown with a fairly aggressive buyback, indicating the presence of a strong buyer who is not ready to go down beyond $3000.

Resistance levels: 3357, 3540
Support levels: 3200, MA-200

The main task of the bulls is to keep the defense above the zone of interest at $3200. Further it remains to wait for resistance retest with the purpose of its breakthrough and further bull run to $4000 - $4500 - $4900.

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Regards R. Linda!

27 lip 2024

Uwaga

Trump is speaking at a cryptocurrency forum today. High volatility is possible....

28 lip 2024

Zlecenie aktywne

29 lip 2024

Zlecenie aktywne

Price is consolidating above the local resistance level

30 lip 2024

Zlecenie aktywne

A consolidation above 3350 would be a good sign for continued growth