$ETH TA: three lower weekly closes, and the bounces keep getting smaller
$ETH is around $2,317 on Binance spot this morning. It's down about 3% on the week and about 15% over 30 days.
The weekly chart is the place to start. ETH closed at $2,726.94 four weeks ago, then $2,536.94, then $2,410.31, then $2,329.87 last Sunday. That's three lower weekly closes in a row.
Zoom in and the same thing shows up on the 4 hour chart. Since October 25 each bounce has topped out a little lower: about $2,371, then $2,365, $2,350, $2,344.72, $2,336.66 and $2,333.97.
Support: $2,282 to $2,300. The October 24 low at $2,282.46 is the lowest price of the past 30 days, and buyers stepped in at $2,293 on Monday and $2,300 today.
Resistance: $2,345 to $2,372 first, where the last two daily highs sit. Above that, $2,418 and then $2,527, last week's high.
Two things to keep in mind this week. CoinDesk reported that the busiest ETH options contract was the October 29 $2,000 put, so some traders are paying for protection. And Bitmine, which now holds about 6.05 million ETH, bought 10,452 ETH last week, down from 12,535 the week before, and spent about $45.9 million buying back its own shares.
The Fed decides on Wednesday and monthly options expire on Friday. A daily close under $2,282 would break the range. Reclaiming $2,372 would be the first sign the lower highs are ending.
Data from Binance public API klines, pulled about 07:55 GMT on 27 October. Not financial advice, do your own research.
$ETH is around $2,317 on Binance spot this morning. It's down about 3% on the week and about 15% over 30 days.
The weekly chart is the place to start. ETH closed at $2,726.94 four weeks ago, then $2,536.94, then $2,410.31, then $2,329.87 last Sunday. That's three lower weekly closes in a row.
Zoom in and the same thing shows up on the 4 hour chart. Since October 25 each bounce has topped out a little lower: about $2,371, then $2,365, $2,350, $2,344.72, $2,336.66 and $2,333.97.
Support: $2,282 to $2,300. The October 24 low at $2,282.46 is the lowest price of the past 30 days, and buyers stepped in at $2,293 on Monday and $2,300 today.
Resistance: $2,345 to $2,372 first, where the last two daily highs sit. Above that, $2,418 and then $2,527, last week's high.
Two things to keep in mind this week. CoinDesk reported that the busiest ETH options contract was the October 29 $2,000 put, so some traders are paying for protection. And Bitmine, which now holds about 6.05 million ETH, bought 10,452 ETH last week, down from 12,535 the week before, and spent about $45.9 million buying back its own shares.
The Fed decides on Wednesday and monthly options expire on Friday. A daily close under $2,282 would break the range. Reclaiming $2,372 would be the first sign the lower highs are ending.
Data from Binance public API klines, pulled about 07:55 GMT on 27 October. Not financial advice, do your own research.
