When the crypto market started to drop, the whole space started to decline. Ethereum is one of the best performing blockchain's ecosystem. After a sharp decline in the cryptocurrency, we started to see a surge in the bullish direction with ETH forming higher highs and higher lows. That being said, market crossed the major support level at 2550. We need to wait for this support level to play out as a critical level.

With the trendlines, market is in a channel. ETH is still far from the resistance trendline. Once thats tapped and broken out for buys, we will have another confirmation for the buys at the support level.

At the support level, we have a fibonacci retracement of 75-78.6% which is in confluence with the support level. This support level was bounced perfectly with the support level. Along with this, we also see a double bottom forming at the retracement level.

With the EMA's, EMA 50 broken out for the buys and needs to be retested. At the retest, we may see the overlapping of the support with the EMA 50. EMA 200, is at the top. EMA 200 will be our target price for profit.

Both the oscillators are in a bullish region. The oscillators are paving its way down from the over bought region. We might see the oscillators being neutralized at the price levels where the ETH would be at the support.

ETH is a strong project with high valuations. We will be looking to go long from the support level. If the market breaks the support, then we will take the stop loss and look for another setup.

Another scale up on ETHEREUM

Feb 21 2022

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