Macro looks volatile for now, and ETH sits at a crossroads. this move may have some huge implications.
Positive; 1. We are currently above the volume defined support, meaning buyers are in control for now. 2. the 8hr chart is displaying a strong positive divergence on the RSI during the formation of this lower-low, this is often the signal of a bottom.
Negative: we are under the 200d MA, a weekly close under the 200d would signal weakness in the market and might begin to solidify the idea of a volatile year-end. Further downsides will introduce a lot of doubt, but I believe that at the very least January will see a huge recovery as institutions put on risk for the new year.
Positive; 1. We are currently above the volume defined support, meaning buyers are in control for now. 2. the 8hr chart is displaying a strong positive divergence on the RSI during the formation of this lower-low, this is often the signal of a bottom.
Negative: we are under the 200d MA, a weekly close under the 200d would signal weakness in the market and might begin to solidify the idea of a volatile year-end. Further downsides will introduce a lot of doubt, but I believe that at the very least January will see a huge recovery as institutions put on risk for the new year.
