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Ethereum bounced off $ 300, but …

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ETHEREUM MEASURED MOVE IS $2,200! THIS WILL PUSH ETH TO THAT LEVEL!

Ethereum bounced off $ 300, but ...

Ethereum bounced off $ 300 but failed to confirm bullish trend
CONTENT

  • ETH formed a bullish engulfing candle on September 24

  • Support and resistance are at $ 315 and $ 385, respectively

  • ETH / BTC is trading between resistance ₿0.0322 and support ₿0.036

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The Ethereum (ETH) rate has been increasing since September 24, however, during the rise, prices failed to confirm the beginning of an uptrend, which means that the current growth can be regarded as a correction.

Bullish engulfing candle

Following the line of downtrend resistance, ETH has been declining since September 1, when the high of $ 489.57 was reached.

Ethereum bounced off $ 300, but ...

On September 5, quotes touched a minimum of $ 311.04, forming insignificant support around $ 315, and began to rise, which turned out to be short-lived. On September 24, the cryptocurrency retested the $ 315 zone, resulting in a bullish engulfing candlestick on the charts.

Despite the rally, the technical indicators are not yet bullish. The RSI is below the 50 mark and the Stochastic Oscillator has not reached the bullish crossover. Meanwhile, MACD is rising but has not yet reached positive territory..

In case of a breakout of the downtrend resistance line, the next barrier is expected at $ 385, beyond which ETH will confirm the start of an uptrend, and the stochastic oscillator will form a bullish crossover.

Short-term dynamics

Cryptocurrency trader @Altcoinsherpa tweeted ETH chart and points to prospects for short-term decline in long-term bullish trend.

However, since the publication of the tweet, the Ethereum course has confirmed the support status of $ 336.

Technical indicators point to an improvement in the picture – RSI and MACD are rising, with the former above the 50 level.

The nearest resistance is at $ 358, the breakout of which will confirm the beginning of an uptrend.

Ethereum bounced off $ 300, but ...

ETH Chart by TradingView

Wave analysis

At the same time, analysis of the wave structure from September 17 shows that the trend remains bearish. The decline, which lasted until September 24, looked impulsive (red in the chart below), as did yesterday’s decline, which represents wave A of the A-B-C corrective structure.

If so, the $ 363 zone should act as resistance.

ETH Chart by TradingView

The only way the formation can be considered the beginning of a new impulse is the completion of the leading diagonal (red on the chart), followed by a zigzag correction. This figure will lose its relevance if it falls below yesterday’s low of $ 313.29.

ETH Chart by TradingView

ETH / BTC pair

The ETH / BTC pair looks less optimistic. There are no bullish engulfing candlesticks, no reversal signals on the daily chart.

Ethereum bounced off $ 300, but ...

At the same time, the quotes probably deviated and subsequently confirmed the support status at ₿0.0322. If so, in the future we can expect the pair to rise.

A breakout of the downward resistance line can send quotes to the level of ₿0.036.

ETH Chart by TradingView

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