ETH/USD - Support found at $4,000! Bounce next? 😍
Ethereum broke below the ascending wedge this week and corrected all the way to $3,958.
Compared to last week, ETH registered a -11.3% correction and fell under $4,000 for the first time in November. The first sign that such a correction could take place was given by the daily MACD that did a bearish cross just before the downtrend started.
The current price action signals that the correction may come to an end soon, as the downwards momentum is decreasing. Moreover, the RSI on the 4-hour timeframe has formed a bullish divergence as the ETH price fell under $4,000. This signals to the bulls that this is their opportunity to return and attempt a reversal. To recover from the recent drop, ETH has to overcome the key resistance levels found at $4,354.
Looking ahead, ETH has good support, just under $4,000, and that level is a very attractive entry for bulls and buyers. Therefore it should see a good defense against further drops. Despite this drop, ETH remains bullish on larger timeframes, which can be interpreted as a normal retrace in a bullish market.
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Compared to last week, ETH registered a -11.3% correction and fell under $4,000 for the first time in November. The first sign that such a correction could take place was given by the daily MACD that did a bearish cross just before the downtrend started.
The current price action signals that the correction may come to an end soon, as the downwards momentum is decreasing. Moreover, the RSI on the 4-hour timeframe has formed a bullish divergence as the ETH price fell under $4,000. This signals to the bulls that this is their opportunity to return and attempt a reversal. To recover from the recent drop, ETH has to overcome the key resistance levels found at $4,354.
Looking ahead, ETH has good support, just under $4,000, and that level is a very attractive entry for bulls and buyers. Therefore it should see a good defense against further drops. Despite this drop, ETH remains bullish on larger timeframes, which can be interpreted as a normal retrace in a bullish market.
Like and follow if you liked my idea!
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