ETH Daily Analysis: $106 to be revisited Today
What do the Charts say ?
- A move over $114 would indicate that any dump to $106 has been rejected and a retest of $119 is on sight.
- The lower time frames (2H) looks bullish based on RSI Stochastic cross-over (however Accumulation has not yet spiked to complement this) - meaning many traders are waiting for an indicative move to the upside or downside.
- Despite any historical price analysis indicating that based on BTC revisiting $4200, ETH would match that to $120 - in order for that to happen as was seen on the 30th November, we saw a long wick down to $108.30.
- Based on Volume gaps in the area, this wick that we will see will be to $106.
- On the higher time frames, a dump does not look as if it has been finished based on RSI Values. Any conciliatory bounce was viewed across the weekend as a dead cat bounce.
- MACD has also crossed-over to the bearish side on the higher time frame charts illustrating $106 is MORE THAN LIKELY.
Nouvive Says: It is more than likely that if $114 is seen - we will see a retest of $118 at the least, before a move back down. In any case, $106 will be re-visited based on price action and lack of buy side volume flooding the market.
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