Weekly ->> Daily –>> 4H
- In the Weekly time frame, Price again tapping the key yearly support at 19k.
- The first tap gave the reaction of 30% toward the upside but was not able to reach the multiple support breakdown level of 30k.
- As per the technical theory, By each test of support, gets weaker, the current test is the 2nd test of the support line at 19k.
- Failing to hold the support will put price action into more fearful price action toward a downward direction.
- The previous week’s analysis won’t exactly covered any particular direction calls, as after CPI reports price had reacted with flash wick dump.
- Since then the direction of the price hasn’t shifted in any major direction, been slowly ranging around the lows of the current range.
- As of per the 2nd-week sept analysis report, personally would have anticipated the price to take the lows of the 18k as Liquidity suckup then to reverse in its direction -> reclaiming the weekly open (19.800-20.000) could give any perspective to price to range between in its current range.
- Till any key price is tagged, need to wait for any dominant resolution.
Chart 1 (previous week’s ETH Daily Chart)
- The previous anticipation was, as if the price fails to hold the 4H OB, it will slide back down toward the 1200 region
Chart 2 (Current week ETH Daily Chart)
- The price plunged back into the lower area of the range, as expected it tapped the 1300 level i.e range high of lowest accumulation price back in July & Aug.
- Making 30% move in the favourable direction.
- The current HTF outlook is nothing different than an ongoing trend, but as LTF price movement, to make every move as efficient, price moves back-forth .
- The anticipation of the next price movement is to range and develop a base in the zone 1100-1200 price zone and build a structure to shift toward the upside.
- Failing to develop as anticipated, could print the price the same structurally expected with BTC, so until then, need to price to tag key level here.
- Inclined with price probable projection, as if followed the reclamation of certain price levels
- Take the lows of 1100 -> form base -> reclaim 1300 -> tag 1600-1700.
- If the bear gets dominant as it still now, correlating with BTC breaking of 18k in BTC will lead the price to plunge in all crypto asset
- ETH – breaking of 1100, will shift price in a highly critical situation and could lead to breakdown toward 500 price level.