Start of October, ethereum broke its July downtrend, the one from the spike up in June to $380. Now, it looks like its ready to make another move higher.
Ethereum and all of the other altcoins have slowly been gaining in their bitcoin values since the beginning of September. The Bitcoin dominance is dropping slowly but surely.
Now ethereum is hovering around 169-172 right at that 4H support. Its held this 169 considerably strongly, meaning I don't think we're going to see a lower price in ethereum.
All this dip was is just consolidation from the previous spike up, not a bear market, or the coin is dying, no nonsense like that. Just take a look at that spike up to $221, that happened in the span of 3-4 days. Of course we're going to see an even more aggressive sell off to another low, then re-accumulate to do it all over again.
Ethereum looks like its ready to blow through that 188 level, because it has already 1st touched and closed over it. 1st touches reject 95% of the time. It even closed above and tried to regain the uptrend as support.
Now, next time we come up and test the uptrend, we will regain it as support and ethereum will continue heading upward.
As always please do your own research, I am not a financial advisor.
Ethereum and all of the other altcoins have slowly been gaining in their bitcoin values since the beginning of September. The Bitcoin dominance is dropping slowly but surely.
Now ethereum is hovering around 169-172 right at that 4H support. Its held this 169 considerably strongly, meaning I don't think we're going to see a lower price in ethereum.
All this dip was is just consolidation from the previous spike up, not a bear market, or the coin is dying, no nonsense like that. Just take a look at that spike up to $221, that happened in the span of 3-4 days. Of course we're going to see an even more aggressive sell off to another low, then re-accumulate to do it all over again.
Ethereum looks like its ready to blow through that 188 level, because it has already 1st touched and closed over it. 1st touches reject 95% of the time. It even closed above and tried to regain the uptrend as support.
Now, next time we come up and test the uptrend, we will regain it as support and ethereum will continue heading upward.
As always please do your own research, I am not a financial advisor.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.