Ethereum 3.79% completed a nice up move as planned in my previous analysis up to 480 and has since had reversal candles implying we will have a correction at this level (See related ideas for previous analysis).
There is 2 ways that price will now act:
1: Price will correct into a nearby localized horizontal support zone between 458 and 446 before bouncing to the upside. I expect the upside move will create sufficient momentum to at least retest the side-wards resistance line, with the possibility that it can break structure, and go to the upside. Price could see highs of 507.
2: Price corrects into the mentioned zone above, before hitting side-wards resistance once again and stalling. This stall would create yet another retest once again at the horizontal support zone between 458 and 446. Once price completes the test, price will be trapped. It can either break the side-wards resistance, or it will be forced to stall, and break the horizontal support zone .
Bear in mind that if scenario 2 plays out, it might take a considerable period of time before the upside begins.
I will continue to update this analysis if it gets enough views/likes.
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8 hours ago
Comment: Ethereum has nicely moved down and touched my horizontal support zone between 458 and 445 as planned. Will price now stay within this level and provide a buy opportunity? I guess I will soon find out.
Price has touched the zone with a rejection tail so far, but could still immerse deeper and do a proper retest with a candlestick body physically within the zone before the up move.
Best to watch price now before making any moves. My premium Cryptocurrency Signals Group got this short move with me, putting us into significant profits even in a down market.
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