Hello everyone,
How are you all? I hope everyone is fine and doing great in their life.
Ethereum failed to catch the buy side liquidity above 4100 dollars and we have seen a massive crash not only in Ethereum but entire crypto market. In this blog let us do the technical analysis to see what are the important trendline that Ethereum must hold in order to get back on track once again.
You can see the chart below where I have shared two important resistance trendlines and that were also shared few days back in a blog when we did the technical and fundamental analysis for Ethereum. I clearly stated how these were important levels to hold but sadly Ethereum couldn't do that.
We are already trading below them and so I will share a new support where Ethereum has already reached. Let us look at the chart below to understand what is this new support level for Ethereum.
last time when we broke this support we traded below this support for two weeks and then reclaimed it but in no time we saw a breakdown again and then we saw the ultimate crypto crash in the market where Ethereum went as low as 1400 dollars and that is why I hope that this support will be maintained now.
We saw a lower low pattern on Ethereum and we do not know what will happen if this support is lost once again. I think that will have consequences that we will not be able to go through. You can see how the movement went downwards last time in the chart shared below.
I strongly believe that the next 1-2 months can be bearish if things didn't go well fundamentally. There are negative news all around and until they are vanished we have no hope in recovery of the market. Even bitcoin is at major support right now and breaking it downwards will take it to 105-0106k dollars price.
I still think this is not the end of Bull run and the final run will come as Ethereum is still far away its All time high and I strongly believe that a new ATH will be created by Ethereum in near future before the actual Bear market finally starts. For Alts, I don't even feel comfortable commenting on them.
Thank You and make sure to check Crypto Company services as I recently shared in my blog. You can simply click on the picture below and it will take you to their official website.
