Ethereum - week analysis .8 [Update]
 
Good morning all.

This is the 4H chart.

As before I said in the main analysis (4 days ago), Ethereum will show some static movements between about (314-282), But the bad new for the technical analysis is this point (310) become a Major Resistance with the power of (X6) which mean at this point there are previous 6 resistance at the same strength.

It will be a little hard to break above this line (310) besides if it breaks out there will be much very good resistance in the past that will attract the sellers starting from the point (R1) on the chart at (331) then (367).

A support at (282) is also a good support that may sustain the price for some time as experienced the last 5 days, the next support (S2) on the chart will be located a little far at (234), so if the price to drop this point is expected to be the Major Support for some time.

The overall signals for Ethereum on 4H chart are slightly negative, a static movement or a drop is expected to (S1) then (S2) but it may take some time.

The Fibonacci indicator reinforces the supports and resistance, with a high signal for a drop if (314) is not broken.

On the 1Day chart, the signals are negative with a big drop expected after some time (2 weeks or so).

Also, a static signal on the 1Day chart, all these signals reinforce the upcoming drop even if a medium drop.

I expect in the next months a drop back to (190 or below), with the rally of Bitcoin and the static movement of Ethereum, also, with the launching of NEOcoin in China the demand of Ethereum will be low the next months, all this news and technicals support my expectation.

So, my advice is to wait until a strong support then buy.


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