The ETH price recently rebounded off $168 which was a historical support dating back to mid 2017. An important note is that it also was where we saw the first major sell off have a strong bounce during the time period when treasuries from ICO’s were selling off in September of 2018.
Later we’d see it break down at the end of the year and essentially see it’s price cut in half after a strong break of that level. In the following months Eth would continue to challenge it forming higher highs and lows before breaking out and running over 300% off the bottom.
As we recently saw it came down and tested this level as support and now has provided a strong bounce.
On the daily level the first level of interest is going to be the $229 area to see how price reacts. This is another key support resistance flip that we have seen play out a few times and a break of this in the following weeks would put eyes on $267-270 as the next major high time frame area to watch.
Eth is looking for a major trend reversal both against the USD pair and BTC pairs leading into the coming weeks and months as we are potentially watching a bottom form.
We are looking forward to bringing you updates on how Ethereum plays out over the coming weeks and months as it appears volatility is returning to this instrument.
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Pentoshi is a macro trend trader who specializes in price action technical analysis utilizing high time frame pivots. A full time Crypto trader who is now directing focus on trading education.
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