Thread by @box_talks_

$eth predictions based on the current market trend: There is a major bearish trend line forming with resistance near $2,380 on the hourly chart of $ETH/$USD ( via Kraken). 🧵

$eth has an initial resistance near the $2,350 level with major resistance near the $2,380 level.
This is causing a major bearish trend line forming with resistance near $2,380 on the hourly chart of $ETH/$USD.

$eth has its main resistance forming near the $2,400 level. It is near the 50% Fib retracement level of the recent drop from the $2,569 swing high to $2,200 low.

A close for $eth above the $2,400 level could open the doors for a decent increase. In the stated case, $eth price might rise towards the $2,550 resistance or the 100 hourly simple moving average.

If #Eth fails to recover above the $2,400 resistance, it could continue to move down. Initial $eth support on the downside is near the $2,250 zone.

The next major support for $eth is near the $2,220 level. The main breakdown support now sits near the $2,200 level. If there is a downside break below $2,200 and the recent low, #ether price might accelerate lower. In this case, it could even decline towards the $2,080 level.

for those that have experienced this last July with $eth, you may remember the bounce from $1,800 to $4k in a little over a month. We will keep our fingers crossed we see things again and #eth keeps it’s support above $2,380. 🤞