Buy The Dip Level: Ethereum
A lot of the Nouvive community have been seeing the market go down and ask the same question: What level Should we Buy the dip for Ethereum. Nouvive answers this as between $192-195. ETH will re-test the 15th October Lows before bouncing up.
What does the Technical Analysis Show?
- On the 1D Higher time frequency, Ethereum looks as if it will fall between $192 and $185. This is according to:
- RSI Stochastic will be reset at around the $185 area.
- MACD is illustrating that there is some more level to go. The $185 area in the middle of October was a Swing Failure Patten where we saw an immediate bounce over the next several days to $217 following that.
- Accumulation according to the OBV has deteriorated on a large scale.
- Over the past several days volume has breached the 90D Moving average and heavily in favour of Sell-Side Support.
- On the 4H time frequency, ETH appears to have a swing failure pattern at $196 with the RSI Stochastic indicating it is HEAVILY OVERSOLD.
- Accumulation has decreased over the past 7 days.
- Over the past 6 Days, volume has increased heavily in support of Sell Side.
- MACD following a fall to $192 will reset with a bounce ready. The last time we saw $192 was for the 15th October 2018 Close.
Nouvive sees a Buy level between $192-193.
For those extra cautious – it is heavily recommended to put some entry points at $185.
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