ETH analysis (1W, 1D, 1H)
2024-10-24

Hello, 
I've received a request to analyze ETH so here it is:

We see a similar pattern in 1W chart as BTC, 
but unlike BTC, ETH was not showing any sign of new all-time high or even a breakout.
With BTC being corrected, ETH is also showing bearish movements for now.

   
Here's the 1D chart. 
I've drawn 4 parallel lines of downtrend:
the outer lines representing boundaries for maximum price actions,
the inner ones representing more internal movements.

The price of ETH was not even close to the outer resistance line, it started a rebound when it hit the inner one.

  
Looking at the 1H chart, we can identify the heavy resistance zone from 2.66k to 2.71k.

  
  
This zone has shown numerous price actions in the past. 
And even now, it has proven itself to be valid.


The declining price then met the consolidation zone (marked as green), which was also not enough to hold the bearish movement.


Drawing a downtrend channel in the 1H chart,
we see price has overcome the lower breakout of the channel and is slowly climbing back up.
If the price is to breakout the upper(resistance) line, we might expect a bullish movement.
But we will see about that for now.
