As long as BTC holds I see some compression within some past trend lines and SMA200. Likely to see a breakout towards the end of this week. Any plunge below these lines could mean more downside although support has held nicely since ATH.
Really no expert in TA but it looks like a downward triangle ... not? Also no good news to kick off a rise of ETH and low volume. Makes still a bearish impression for me.
But really no expert talking here.
NoCode326
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@Perlentaucher, Volume is important no doubt. The volume is low while the price is drifting lower but above major support lines. ETH has continued to bounce of the the most important lines - $210-220ish, 250ish. In this scenario, low volume means the exact opposite of bearish. Conversely if a stock or crypto or any traded investment vehicle is moving higher on lower and lower volume, it is a sure sign that price is close to the top as there is no serious follow through - low volume lacks conviction and follow through. In ETH the movement lower lacks follow through, it's lacks conviction. This is bullish, very bullish. The lack of news is also good for ETH at this point. For if there is news, the price will rocket that much more. So many are trying to short this thing which is also positive for ETH. The shorts are going to be crushed in my opinion which will push the price up even higher.
Perlentaucher
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@NoCode326, thanks for your detailed comment, appreciate that very much. What you are saying about low volume sounds reasonable.
But finally, it still feels like both BTC and ETH are overpriced. Especially when looking on long term logarithmic charts. But we will see,
i am fine with everything that happens next.