This will be Ethereum’s next stop when it loses $ 4,000
Analyst and trader Cred learns what could happen to Ethereum if ETH doesn’t hold support at USD 4,000.
Given the possibility of an Ethereum breakout, Cred identifies potential areas where the leading smart contract platform could build a bullish higher-bottomed setup.
“If that breakout comes out it would be great because at this point it is at an all-time high above the weekly resistance, breakout, that’s all … that’s good. If not, I think there is really clear and really good support … in the low to mid range of $ 3,000 … ”
The analyst offers a general outlook for Ethereum in the coming weeks and months. According to Cred, ETH’s reaction to $ 4,000 and $ 3,000 could determine whether the leading smart contract platform can go higher.
“Short story for ETH: rally for $ 4,000. If it’s below $ 4,000, it’s bearish in the short term, but still macro bullish as long as $ 3,000 holds up. I think below $ 3,000 this will completely change the picture if a breakout fails over a multi-month range and then supports breaks, which threatens the weekly structure. It’s literally one of the worst charts you can imagine. ”
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According to Dailyhodl