ETH → Pressing resistance. Another retest will break the area

31 de out. de 2023

ETHUSD like the rest of the cryptocurrency market is showing positive dynamics, but unlike many, the price is still pinned by bearish resistance. What needs to happen for the price to break this area?



I have seen the key resistance (red downward line). At the moment, this area is holding the market back from continuing to price in a bullish cycle. BUT, the market is showing positive momentum. After the false breakout on October 26, there is no decline, a consolidation and retest is formed. Within this setup, we can assume that buyers are preparing to break the area. A potential breakout could also be a bullish momentum in bitcoin, even a small one. The cryptocurrency market (altcoins) is moving into an active bullish phase, which can be demonstrated to us by the capitalization chart.
At the moment the market is more dependent on the fundamentals and since the news is published quite positive, the market is thawing and showing us good indicators.



Support levels: 1785.5, 1662.8
Resistance levels: 2021

If 1785.5 keeps the price above the line, ETH will continue to test the resistance for a breakout, which will happen sooner or later. I am waiting for the continuation of growth

BTCUSD BTC1! TOTAL

Regards R. Linda!

31 de out. de 2023

Nota

The chart shows resistance levels of 2021 and 2165 - they play a key role as a target.

1785 - support, which tries to restrain the price from falling

risk and panic zones 1662 and 1542.