Ethereum - Trading Close to Key Support Level. Breaking Down? (daily chart)
Etherum has briefly touched the top of a LT key support zone which so far only has lead to a minor bullish reaction.
Unless more bulls step in at this point, I think it’s very likely we’ll see another attack on this support zone.
If the zone holds and more bullish order flow emerges, another move up towards the LT resistance at 800, similar to the one in April is not unlikely IMO.
On the other hand, if the support fails, we’ll likely be looking at a bearish continuation towards 205 and 140 in extension.
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Author
Chris Capre
2ndskiesforex
Chris Capre is a professional forex trader and mentor specialized in Price Action trading, and the Ichimoku Cloud.
