ETH is above the convergence of two Gann angles.
The first angle (in red) is pulled from the bull market high to the bear market low. This angle is resistance.
The second angle is from the previous bear market low to the previous bull market high. This angle is support or resistance, depending on whether the price is above or below the angle.
A convergence of two angles is a strong S/R level. ETH is above the angle convergence, but it needs to solidify its hold. Currently, it looks like it could lose this level, the same as Bitcoin.
However, if it does manage to flip this level to support, the next target is at around 4.5K. Not immediately, but it will become a tangible target.
What do you think?
Best Wishes
The first angle (in red) is pulled from the bull market high to the bear market low. This angle is resistance.
The second angle is from the previous bear market low to the previous bull market high. This angle is support or resistance, depending on whether the price is above or below the angle.
A convergence of two angles is a strong S/R level. ETH is above the angle convergence, but it needs to solidify its hold. Currently, it looks like it could lose this level, the same as Bitcoin.
However, if it does manage to flip this level to support, the next target is at around 4.5K. Not immediately, but it will become a tangible target.
What do you think?
Best Wishes