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ETHUSD, Technical Analysis

9/6/2022 11:10 AM

 The second largest cryptocurrency by capitalization, ETH, is trading within a correction to the recent significant decline, consolidating around 1644.00.


The four-hour chart of the asset shows that the downward movement is developing within the framework of a possible Step pattern, where the second and last step has almost completed their formation. According to the implementation theory, in this case, the current global trend will continue, and the key support for the price will be the initial Fibonacci 23.6% correction at 1517.00, the breakdown of which will open the way for quotes to the 1252.00 area.


On the daily chart, a corrective upward wave is forming, which has recently consolidated below the support line of the local Flag pattern around 1660.00. The key support at the initial correction of 23.6% Fibonacci around 1517.00 has not yet been broken, which allows traders to hope to hold their positions at the current values ​​for some time.

Technical indicators maintain a global sell signal, ignoring the local correction: fast EMAs on the Alligator indicator are below the signal line, and the AO oscillator histogram is in the negative zone.

Resistance levels: 1900.00, 2200.00. | Support levels: 1517.00, 1252.00.

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