$ETH gaining bullish momentum inside a range
Key levels
Short term
Supports—> S1: 230 & S2: 215
Resistances—> R1: 280 & R2: 290
Medium/Long term
Supports—> S3: 200 & S4: 180
Resistances—> R3: 300 & R4: 320
Potential scenario
Ethereum has been ranging for the last 30 days. It has been moving between R1, $280, and S1, $230, showing volume spikes every time that the price tested these two areas. Ranges are usually interpreted as “no trade zones” since the price doesn’t follow a specific trend. Currently, the price is approaching the upper band, if it breaks it and makes a low-volume retracement, there might be opportunities to take long positions.
TA comment
The indicator OBV measures the volume growing along with the price, therefore, increasing every time that there is more volume in a market that is pushing up the price. In Cryptohopper, we added a OBV moving average to give the user the possibility to generate buy or sell signals based on this indicator. As you can see in the chart, when the OBV line (blue) crosses up its moving average (purple) a buy signal will be generated.
Pattern
In the chart, the system spotted the pattern Unique 3 River once the price tested the lower band of the range. It is a bullish reversal pattern represented by 3 candles. During a downtrend, the first candle is decreasing and has a long body, is followed by a red hammer with a long lower wick that sets a new minimum. The third candle has a short body, short wicks and doesn’t make any new low or high. Therefore, it would have signalled buy in that region.
Short term
Supports—> S1: 230 & S2: 215
Resistances—> R1: 280 & R2: 290
Medium/Long term
Supports—> S3: 200 & S4: 180
Resistances—> R3: 300 & R4: 320
Potential scenario
Ethereum has been ranging for the last 30 days. It has been moving between R1, $280, and S1, $230, showing volume spikes every time that the price tested these two areas. Ranges are usually interpreted as “no trade zones” since the price doesn’t follow a specific trend. Currently, the price is approaching the upper band, if it breaks it and makes a low-volume retracement, there might be opportunities to take long positions.
TA comment
The indicator OBV measures the volume growing along with the price, therefore, increasing every time that there is more volume in a market that is pushing up the price. In Cryptohopper, we added a OBV moving average to give the user the possibility to generate buy or sell signals based on this indicator. As you can see in the chart, when the OBV line (blue) crosses up its moving average (purple) a buy signal will be generated.
Pattern
In the chart, the system spotted the pattern Unique 3 River once the price tested the lower band of the range. It is a bullish reversal pattern represented by 3 candles. During a downtrend, the first candle is decreasing and has a long body, is followed by a red hammer with a long lower wick that sets a new minimum. The third candle has a short body, short wicks and doesn’t make any new low or high. Therefore, it would have signalled buy in that region.
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