CryptoAST ETH USD Breakdown ‘’Essentially, for bullish price action to break down, we need to see price drop below 193-195$ and then we can comfortably say that we will revisit the 185$ and 175$ price levels. A break above 220$ and we head to 235$ very comfortably.’’ This was stated on our breakdown last week, and since then we have seen a break fo 193$ to the downside and had multiple shorts open to the 175$ level, however, the issue was that we had not closed our shorts at 175$ in anticipation of the 163$ level being hit.
The above statement still hold true.
Now, we will conduct another breakdown of ETH to re-assess the situation with ETH currently trading at 210$:- On the daily for ETH, we can see the potential to make highs to 230$ before bearish price action really begins. If we switch to specialist chart settings, we can seer this is more clear than ever and we can at least expect the 220$ level to be retested before bearish price action back to 200$ and lower.
- On the 4 hourly, we can see that it is normal to expect bearish price action to 204$ and then even more so to 197$ level. Thereafter, we can expect bullish support to begin.
- On the 2 hourly, we can see that whatever was stated on the 4 hourly analysis holds true.
- On the 1 hourly, we can see at current price support was found and now we can expect minor relief to 216$.
https://www.tradingview.com/x/slHdaTI4/