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Tuesday, April 18, 2023

Ethereum Long Term Trend Ananlysis

Ethereum Long Term Trend Ananlysis

Ethereum / U.S. dollar BITSTAMP:ETHUSD

The following chart shows trend lines I find to be particularly relevant for Ethereum going forward.

The green trend line is created by the wick downs in June and July 2017; The trend created by these wicks has been followed by ETH since. This line is DEEPLY relevant, this is evident in the fact that time and time again this line has been used as support and resistance by price. By cloning this line and placing it at previous local tops we are able to see the importance of the trend line as price uses each cloned line as support and resistance for 5+ years.

The red trend line is created by the using the all time high in November 2021 and the top from April 2022.

The blue line is created from some recent swing lows on ETH below our main green trend line.

from TradingView Ideas

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