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- ETH, which is at key levels, needs a strong rebound.
- The breakdown of these levels would be disordered and chaotic.
Ethereum, the second largest cryptocurrency by market capitalization, after having broken down the medium-term chart, is now at exactly certain key levels, which must be maintained, or the rupture that occurred last month may not support and the currency could retreat to the November lows.
ETH / USD rose about 4 cents per cent to $ 127.75 and trade down 3% on Saturday. On the daily chart, ETH was traded in a downward-slanted triangle for the whole of last year and eventually broke out after reaching double-digit lows in November. But this break has not given enough bullish momentum, leading to a short-term breakdown on the 240-minute chart, whose goal is completely towards November bottom and bottom.
Only the comfort for the bulls is that the price is exactly above the simple 50-day moving average, whose break would be disordered and chaotic like the last incident.
ETH / USD 240-minute chart:
Daily ETH / USD chart:
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