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Ethereum has plunged but it seems that it has found support. The price action has printed a bullish reversal candle. Still, we have to wait before deciding to go long as the price is located under strong obstacles.
The price of Bitcoin has printed the same candlestick pattern, so BTC/USD’s growth should bring a potential rally on ETH/USD.
ETH/USD False Breakdown!
ETH/USD dropped and now it has found support below the weekly S2 (1705.96) level. It has closed far above the 1,700 today’s low signaling an oversold situation. Now is pressuring the 1,930 static resistance, the support has turned into resistance.
The current decline was expected after dropping from the symmetrical triangle. Technically, we are in a support zone, so we could start looking for buying opportunities.
The false breakdown with great separation below the S2 (1705.96) signaled that we may have a bullish momentum soon.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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