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Here we are looking at ETHUSD on the daily TF.
In this analysis, we will take a look at some of the macro structures I have outlined on my chart, and see how they tie into the current zones that price is trading within.
Let’s begin by shifting our attention to the downwards sloping resistance line (yellow). As you can see, this line has acted as strong resistance since ETH began its descent from ATH’s, and has remained so throughout the bear market.
As you can see, ETH is currently re-testing this resistance again. Let’s analyze some key zones to watch starting with the scenario of a break out to the upside.
On the chart, you see two green lines. If ETH breaks the downward sloping line, a resistance zone to watch would be approximately $1,700 (top green line). As you can see this line acted as previous support many times dating back to the bull market. Most recently that prev . Support has flipped resistance.
If ETH, however, gets rejected from downwards sloping resistance, it will likely begin heading back to the lows (bottom green line).
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