Possible Down to 340 - 343 Range For ETHUSD by end Oct 2020
ETH USD has remained under the July 2020 up trendline for a substantial number of days for the second time since September 2020.
This puts the trading pair in a likely downtrend as:
1. A down move would push ETH USD back to the key up trend line from March 2020 (purple line) by the end of Oct 2020 — which should provide very strong support.
2. There is a lack in trading volume in the market at the moment, likely as a result of dwindling market interest since the 2nd half of Sept 2020.
ETH USD will probably hit a price of 340 to 343 when this happens.
The good news?
1. As long as ETH USD is able to move along the March 2020 up trend line, we are still on track to move up closer to 400 by EOY, at least hitting the 395.72 resistance mark.
2. As always, the crypto markets are highly correlated to Bitcoin's price movements and any upward move in BTC USD will likely push up the price of ETH USD as well.
Overall, I am personally good to hold through 2021. For day traders, the possibility of a new entry point for ETH USD is definitely there.
Legend:
Yellow lines = Key support/resistance points
Purple lines = Key up trendline
Red lines = Key down trendline
Grey lines = Mine trend lines
Technical indicators used:
VWAP
EMA
More of an FX/stock trader, so do feel free to feedback if I am missing anything for the crypto market.
Disclaimer: I do not provide investment advice and the content displayed here is purely my personal opinion, for informational purposes.
This puts the trading pair in a likely downtrend as:
1. A down move would push ETH USD back to the key up trend line from March 2020 (purple line) by the end of Oct 2020 — which should provide very strong support.
2. There is a lack in trading volume in the market at the moment, likely as a result of dwindling market interest since the 2nd half of Sept 2020.
ETH USD will probably hit a price of 340 to 343 when this happens.
The good news?
1. As long as ETH USD is able to move along the March 2020 up trend line, we are still on track to move up closer to 400 by EOY, at least hitting the 395.72 resistance mark.
2. As always, the crypto markets are highly correlated to Bitcoin's price movements and any upward move in BTC USD will likely push up the price of ETH USD as well.
Overall, I am personally good to hold through 2021. For day traders, the possibility of a new entry point for ETH USD is definitely there.
Legend:
Yellow lines = Key support/resistance points
Purple lines = Key up trendline
Red lines = Key down trendline
Grey lines = Mine trend lines
Technical indicators used:
VWAP
EMA
More of an FX/stock trader, so do feel free to feedback if I am missing anything for the crypto market.
Disclaimer: I do not provide investment advice and the content displayed here is purely my personal opinion, for informational purposes.
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