🔥 Ethereum Volatility Incoming: Break Out Or Reversal?
Recently I made an analysis on ETH and the fact that it was fighting the yellow dotted resistance. In case of a break out, the dotted top purple resistance line was the target. Congratulations if you to the trade.
For now, ETH is fighting on two fronts. 1: the dotted purple resistance, and 2: the severely overbought RSI.
With the CPI data releasing in approx 10 minutes it's likely that we're going to see volatility coming. In all fairness, we're severely overbought at the moment, so a correction of some sort is in the cards.
In case of a bearish rejection, I'm looking at the yellow dotted line to offer initial support, potentially we can even move to $1300 in the near term.
For now, ETH is fighting on two fronts. 1: the dotted purple resistance, and 2: the severely overbought RSI.
With the CPI data releasing in approx 10 minutes it's likely that we're going to see volatility coming. In all fairness, we're severely overbought at the moment, so a correction of some sort is in the cards.
In case of a bearish rejection, I'm looking at the yellow dotted line to offer initial support, potentially we can even move to $1300 in the near term.
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