⚠️ Ethereum will break daily support at $2,600 to drop 50% ⚠️ 🚨 LET ME JUSTIFY IT
Ethereum has followed an ascending triangle on the weekly chart, respecting it at two key moments:
📌 1st occasion: Support at $15 (June 2016) → Resistance at $1,200 (January 2018)
📌 2nd occasion: Support at $97 (February 2020) → Consolidation before the last bullish cycle
Currently, the $1,200 zone is a key level that ETH has respected in the past as resistance and could test again within the ascending triangle now as support. Technical indicators suggest that the price will touch this zone (the bottom of the triangle) before a possible breakout upwards.
📊 AO (Awesome Oscillator) shows loss of momentum with consecutive red bars and a possible bearish cross on the zero line.
📊 ADX (Average Directional Index) confirms a developing bearish trend, with -DI crossing over +DI and ADX increasing above 25.
🚨 What does this mean? 🚨
⚠️ These indicators suggest that Ethereum will break the resistance on the daily chart at $2,600, which could trigger a 50% drop to its weekly support at $1,200, the bottom of the ascending triangle. ⚠️
Ethereum has followed an ascending triangle on the weekly chart, respecting it at two key moments:
📌 1st occasion: Support at $15 (June 2016) → Resistance at $1,200 (January 2018)
📌 2nd occasion: Support at $97 (February 2020) → Consolidation before the last bullish cycle
Currently, the $1,200 zone is a key level that ETH has respected in the past as resistance and could test again within the ascending triangle now as support. Technical indicators suggest that the price will touch this zone (the bottom of the triangle) before a possible breakout upwards.
📊 AO (Awesome Oscillator) shows loss of momentum with consecutive red bars and a possible bearish cross on the zero line.
📊 ADX (Average Directional Index) confirms a developing bearish trend, with -DI crossing over +DI and ADX increasing above 25.
🚨 What does this mean? 🚨
⚠️ These indicators suggest that Ethereum will break the resistance on the daily chart at $2,600, which could trigger a 50% drop to its weekly support at $1,200, the bottom of the ascending triangle. ⚠️