16.08.202113:05 Forex Analysis & Reviews: Etherum's current situation and prospects

Ethereum

The bulls have been actively and effectively recovering their positions for the last few weeks. They managed to break through important levels, but currently meeting with a couple of upward pivot points (3195.73 the final level of the weekly cross of Ichimoku + 3290 - 3466 a day target for the breakdown of the cloud) at once served as the basis for a decline in activity and inhibition. A consolidation may develop in the near future. The breakdown of the encountered pivot points will allow us to consider the possibilities for further restoration of bullish positions. Here, the main aim will be to update the high (4370.56).

However, in case of stopping the upward movement and forming a rebound from the resistance levels encountered, the interests of the bears will be directed to breaking through the support of the daily short-term trend (3110.59) and then to decline to a wide support zone. The upper limit of which is the weekly medium-term trend (2832.83).

At the moment, the bullish advantage is predominant in the smaller time frames. The intraday upward targets can now be noted on 3327 - 3397 - 3505 (resistances of classic pivot levels). Today, the key support levels are joining forces in the area of 3215-02 (central pivot level + weekly long-term trend). A consolidation below can change the current balance of power in the same time frame. As a result, the bears will receive advantages and opportunities to decline. Its pivot points will be the support levels 3150 - 3038 - 2972 (classic pivot levels).

***

Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the higher time frames, as well as classic Pivot Points and Moving Average (120) on the H1 chart, are used in the technical analysis of the situation.