ETHEREUM Converging on Arch Intersection
Ethereum is coming up to a critical point here shortly....
Since the 15th of last month, ETH has been following a tightening arch pattern. Curved supports and resistance trend lines are now looking to intersect here in the next couple of days on October 6th.
On the whole, we've seen volume peaks slow down as bulls and bears take a break from attacks and the price consolidates around the $290 level. Current intersection is targeted for $291.
The correlation we've been seeing with bitcoin will definitely play a large factor in breakout direction. The strength of BTC has slowed down as it starts to go into correction and pullback mode. Most likely just based off of this alone, we will probably experience a bear break.
Lower handles on the candles recently have indicated plenty of buying at the current levels. Technicals are indicating a complete neutral foreshadowing of breakout direction.
$296 and $303 are still huge resistance levels if a breakout bullish should occur. For support, ETH is looking at an immediate floor at $288 followed by $280 and then $276.
Happy Trading!
Ye its a bit of a concern its not done much in two months just when I purchased at the top .. Sigh .. Ether to the moon, bitcoin to the moon, Cheers ;)
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