Hey team,
The last time we spoke about Ethereum on the blog, price was retesting daily support.
Before I go any further, take a look at the updated Ethereum daily chart below:
ETH/USD Daily:
What you can see is that price clearly bounced and has rallied higher since.
All the way up to retest the market's all time highs.
While Bitcoin has since printed them, Ethereum hasn't yet.
And what this has done today is give us an opportunity to play the daily range.
Let's now zoom in and take a look at the intraday price action on the 4 hourly bwlow:
ETH/USD 4 Hourly:
I want you to especially concentrate on the bottom line that makes up the range.
See how price continues to spike into it and retest it as support?
No, as you can see it's not perfect.
No support/resistance zone ever will be a perfect brick wall for price otherwise we wouldn't have a market anymore.
But you can see that price is certainly respecting the zone, with buyers being found each time price drops into it.
Exactly the price action we expect when a market is in an overall bullish trend, and then pulls back to retest previous resistance as support.
With price now closer to the top of the range than the bottom, but the overall crypto market having a breather today after Bitcoin printed new all time highs, Ethereum is certainly in an interesting spot.
Keep buying the dips and selling the rips.
Best of probabilities to you,
Dane.
FOREX BROKR | LeoFinance Blog
Daily market analysis.
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I wonder how much Eth affects the price of Leo now that we have BLEO?
I'm powering down some Leo to use on Cub Finance, I'm liking the LP game!
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I'm interested in seeing whether there's a shift too.
I'd love to read someone who's got their head around the tech write a full blog post on which external forces/coins now have the greatest effect on LEO.
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That was a great analysis, I think Ethereum is in troubled waters going forward but current investors are banking on BETH taking it to new ATH
Time will tell
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Yeah, I feel you mate.
I've been an ETH skeptic pretty much forever just purely because the fees limit the network's ability to scale and go mainstream.
But people keep building on it and price keeps ripping so who are we to say no to trading opportunities?
;)
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That is a good point, I think there is still a lack of competition for Ethereum noting there has been an increase in side chains but the marketing or the brands of those side chains hasn't been that good.
Ethereum's price also continues to climb in part due to the cost of fees, need to purchase more to undertake transactions. The price spikes occurred when staking for BETH started as scarcity of the token grew.
Ethereum still has a long way to go before it is defeated as this time last year the coin was $AUD174. This means there is still alot of capital from a large group of people whom purchased low.
I think the shift will occur once more people enter the market looking got projects. However, I'd anticipate the majority of people at current are still utilising crypto as speculative and investment rather than utilising products and services.
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Hello, why not use Binance? I understand that Coinbase has high commissions... Also in the 4 hour chart you can see an ascending wedge which would cause the price to go down, but it is only a possibility...
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Keep in mind that all my blog posts are written from a day trading perspective, not a long term fundamental investment perspective.
Do you mind sharing a chart of the ascending wedge that you're referring to?
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Retraction down for sure especially with the drama going on with miners people are not going to like that if they are invested in something. Will see how that pans out. Ethereum still has the NFT game on it's side.
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I try to make 99% of my trading decisions based on the technicals alone.
This allows me to much easier manage my risk which is all that really matters in the end.
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that's really good though. Removing emotion out of trading it's critical
Love those charts of yours...would love to see Eth stay above $2k.
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Cheers mate.
I don't think we're far away from that becoming a reality.
All we need is a push to new highs (which will no doubt happen) and then a retest of previous 2K resistance as support.
Simple ;)
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Nice looking chart you have there.
With that price it will also keeps the gas fee high, which in turn keep the crypto lover to use BSC, and also I wish will effecting the cub
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Gas fees on Ethereum are what's holding it back from a fundamental perspective.
When making day trading decisions however, I'm focused 99% on the charts and thats it.
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