Ethereum Support Level

[ichocolate]

Hi, what would u guys reckon the best support would be for Ethereum right now? 2770? or is it 2800?
We would assume we need to retest soon? Or we go up from 2850 ?

 

[Hamster]

2800

 

[ichocolate]

F

2800

for you , how do u work it out? do u check top of candles or low , bodies or wicks or what

 

[Hamster]

F

for you , how do u work it out? do u check top of candles or low , bodies or wicks or what

Oh you want a reason...

 

[Hamster]

Well it's a rounder number than 2770 and 2850 so it just stands out more.

 

[ichocolate]

Oh you want a reason...

No, i meant more on how u work out the support? what are u looking at on the chart

 

[saor]

No, i meant more on how u work out the support? what are u looking at on the chart

A good place to start is by looking at previous resistance levels...they have a tendency to become new support levels.

 

[ichocolate]

Thanks, i had 2776 as a support level then 600s then 500s. Im sure she should have some level of support before 2556.

Thank again for the chart, keep in touch

A good place to start is by looking at previous resistance levels...they have a tendency to become new support levels.

 

[AirWolf]

Passed $3k I see.

 

[Hamster]

On a side note: I know how some us love to rip into the crypto "guru"/forecaster bullshitters and their articles, but then you go to the stock market where the same publication will say:

"Etsy is a buy, the next Amazon share!" on Thursday and run an article on Monday stating "Etsy is showing signs of being overpriced"

"Teladoc is the one to have!" vs after the weekend "Stay away from Teladoc for now".

Financial journalists whether crypto, stock or commodities are all a bunch of lying conmen.

 

[NarrowBandFtw]

Financial journalists whether crypto, stock or commodities are all a bunch of lying conmen.

most are conmen / shills, but many are just parroting the old ways of analysing without realising how useless they've become

fundamental analysis means virtually sweet f-all in a world where the central bank continues to print money to prop up the stock market, even worse in crypto country fundamentals have always meant sweet f-all, crypto defies fundamentals

technical analysis is akin to weather prediction (which is a hair's breadth from throwing bones), you see patterns forming and assume what comes next will mimic what has happened previously, but there is NO science to it, certainly no guarantee

the pace of crypto swings makes it almost comical though, but at least we get to have a laugh at seeing boom & bust headlines within an hour of each other, they can't even stick to their convictions for longer than 1 hour