ETH has traded inside a small bullish trend over the past few days establishing higher highs/lows. ETH continues to trade in this pattern however has lost momentum facing the upper bound of the 2000-2200 resistance zone.
Analysis: ETH is beginning to enter a critical point in its cycle where a major movement is likely. First, we see that price overall has been setting lower highs. Second, while the 1700-1500 support zone has held it has been tested 3 times now with strong impulses to drive the price up. These conditions favor some sort of large-scale move either downward breaking the 1.7-1.5k support zone or upward to test 2400, and 2800 resistance zone.
What do I see?
As ETH is in a minor bull trend and as such we can expect the price to continue to rise. However, there are indications of a reversal. These being testing 2200 resistance and an overall bearish environment. As such I am waiting to see ETH break out of 2200 and then 2400 to suggest a large-scale bullish movement. or for eth to be rejected and look for setups again inside the support zone.
Best of luck, Like/Follow for more.
Analysis: ETH is beginning to enter a critical point in its cycle where a major movement is likely. First, we see that price overall has been setting lower highs. Second, while the 1700-1500 support zone has held it has been tested 3 times now with strong impulses to drive the price up. These conditions favor some sort of large-scale move either downward breaking the 1.7-1.5k support zone or upward to test 2400, and 2800 resistance zone.
What do I see?
As ETH is in a minor bull trend and as such we can expect the price to continue to rise. However, there are indications of a reversal. These being testing 2200 resistance and an overall bearish environment. As such I am waiting to see ETH break out of 2200 and then 2400 to suggest a large-scale bullish movement. or for eth to be rejected and look for setups again inside the support zone.
Best of luck, Like/Follow for more.