Ethereum
Cryptocurrency market has been trading in a downward trend recently. Despite a local upward correction, it seems that market bulls are losing control. Taking a look at the Ethereum chart on the H4 internal, one can see that the price broke below the local ascending channel, which may herald a resumption to the main downward trend. Considering such a scenario, the support at $1,185 is at risk. In case of a break lower, the recent low at $875 is the next target for market bears. On the other hand, the upper limit of 1:1 structure (blue rectangle) at $1,355 still acts as the key resistance.
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Ethereum H4 interval. Source: xStation5
US100
American indices have experienced a sharp upward correction recently. However, yesterday's session brought the change of a market sentiment. US tech index Nasdaq (US100) collapsed and the price fell to the key horizontal area. Taking a look at the H4 chart, one can see that the potential range of head and shoulders pattern was not fulfilled and the market bears took the advantage. Should the price break below the area at 11,655 - 11,710 pts, the downward move may accelerate. On the other hand, this level acts as key support, so if buyers manage to halt declines at this point, the extension of un upward correction is still possible.
US100 H4 interval. Source: xStation5
AUDNZD
Last but not least, let’s take a look at the AUDNZD chart. Looking at the daily time frame, the pair has been trading in an upward trend recently. The recent downward correction stopped at the key technical support, which is marked with the lower limit of 1:1 structure and 23.6% Fibonacci retracement. According to the Overbalance methodology, as long as the price sits above, continuation of the upward move is the base case scenario. Even if the bigger correction occurs, the lower limit of the upward channel is the key support to watch.
AUDNZD H4 interval. Source: xStation5
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