Once again we are watching the same levels as the past few weeks.
Yesterday ETHUSD took a big nose dive below the trading range floor, and fully recovered during the next 12-hour candle.
The current 12-hour candle is now re-testing the bottom of the trading range floor again. Finding support here will indicate to traders that price will rise back up to the top of the trading channel (red zone).
Based on yesterdays quick recovery, a drop to $290 is looking a lot less likely.
If the market now builds confidence to push us above the $380 level, then the bulls are back in control.
Based on the current set up Team Sparkster is leaning bullish.
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
Yesterday ETHUSD took a big nose dive below the trading range floor, and fully recovered during the next 12-hour candle.
The current 12-hour candle is now re-testing the bottom of the trading range floor again. Finding support here will indicate to traders that price will rise back up to the top of the trading channel (red zone).
Based on yesterdays quick recovery, a drop to $290 is looking a lot less likely.
If the market now builds confidence to push us above the $380 level, then the bulls are back in control.
Based on the current set up Team Sparkster is leaning bullish.
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
