Ethereum Technical Analysis, What is waiting for us this week?
Dear friends, the information, comments and evaluations included here are NOT within the scope of Investment Consultancy . The analysis and evaluations I made are technical studies based on education. (Date of analysis: 12.11.2018)
Ethereum started at $ 212 a week next week and tested $ 225 a week . However, the sales pressure in the market caused the closing of the week to be $ 212 again . Let’s continue by examining the technical developments during the week.
Ethereum had a nice acceleration by breaking up the falling trend L3 seen in the second chart the previous week . We see that the upward movement is continuing earlier this week. With this upward movement, price L2 (second chart) tested the falling trend. However, as a result of the sales pressure on Wednesday, the L2 trend could not be broken up. We see that the sales pressure continued on Thursday and Friday. Despite the upward movement on Saturday, the movement could not continue and the sales pressure continued its effect on Sunday. When we look at the volume side, we see relatively high bars at the beginning of the week. As a result of these developments, let us evaluate.
As a result of Ethereum’s movement this week, we see that the medium-term outlook has not changed. The price continues in the medium term, which still continues with the channel L2 ($ 190) – L3 ($ 261) . There are some developments in the short-term chart. One of them is that I have tested the falling trend of L2 in the second chart . I mentioned that it was important to break up this trend in the previous week. As seen in the chart, the sales pressure in the L2 trend prevailed this week with the effect of the market. I think the price will again test the L1 trend if the market pressure continues . L1 trend support as long asThe jamming between L1-L2 will continue. The maturity of this jam is around 10-12 days according to the intersection points in the graph . In this period of time, I think that the market will be a break in the direction of the situation. If the breakdown is down, the L2 ($ 190) (first chart) horizontal support will be raised in the short term after $ 195 . In the upward trend, I think the L3 ($ 261) horizontal trend region will be targeted behind the $ 250 level .
In the ETH / BTC weekly (linear) graph, the number 4 trend has been tested twice in recent weeks. This week we have seen that the number 4 trend has been retested but could not be broken up. However, when we look at the graph on a daily basis, we see the formation of a streamer formation. I think that if this formation works, the number 4 trend will break up. If the transition to the number 4 trend is permanent and permanent, the price will be directed on the number 1 train.
Graphic Source: TradingView