"Jack's Trading Classroom" ETHUSD Ethereum trend updated again

On October 25, 2020, we published a previous technical analysis titled "Next Bullish Target and Operational Method for ETHUSD". In that analysis, we mentioned that Ethereum was in an upward trend, but it was not a good entry point for long positions at that time.

On October 25, 2020, we published a previous technical analysis titled "ETHUSD Next Bullish Target and Operational Approach." We mentioned that although Ethereum was in an upward phase, it was not a good entry point for long positions at that time.

Today, we see the four-hour candlestick chart of Ethereum. After the earlier article was published, Ethereum's price formed a short-term downtrend, reaching a low of 384.20, the Fibonacci support level of 38.2. The price later could not close below the support level of 391.50, forming a hammer candlestick pattern.

Based on the candlestick pattern, the hammer candlestick is considered a reversal candlestick pattern, and as shown in the chart, a rising support trend line is formed at the lower point, indicating that the overall bullish trend has not completely reversed. If the support trend line and the Fibonacci support level of 38.2 at 384.20 do not break down and close lower, a long position can be considered, with a stop-loss set below the support trend line being more reasonable.

Resistance levels:
R1 429.60
Support levels:
S1 391.50
S2 385.40
S3 368.65
S4 352.50
S5 348.90
S6 337.55

In recent days, the digital currency market has experienced significant fluctuations. It is recommended that operators strictly implement risk control measures and avoid high leverage and high contract volume operations to prevent additional losses caused by volatile market conditions. This article is for personal reference only. Please trade cautiously, as cryptocurrency trading may involve risks to your capital.

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