ETH is forming a clear rising wedge while trying to break through these obstacles:
- 2700~3000 sell-zone resistance
- Daily 20EMA
- Second bull market wave initial support (thick line)
- Mid-term bearish trend line
Most likely rice will be rejected from sell zone and a new drop to 2100 will happen and to 1700 zone after it.
1700~1800 zone is important because it was the previous unbroken support zone after Covid19 crash, thus most long positions were set up in that price range, also many long stop-losses and short take-profits are set there, which means that reaching that area will make up A LOT of volume and that would be healthy for the next bull market, since notably there has been an important LACK of volume in the past few months.
We'll see how things play out, bulls take a seat and bears put on your shorts for this little last run (hopefully)!
This is not professional advice, it is just an idea and as such should be treated.
- 2700~3000 sell-zone resistance
- Daily 20EMA
- Second bull market wave initial support (thick line)
- Mid-term bearish trend line
Most likely rice will be rejected from sell zone and a new drop to 2100 will happen and to 1700 zone after it.
1700~1800 zone is important because it was the previous unbroken support zone after Covid19 crash, thus most long positions were set up in that price range, also many long stop-losses and short take-profits are set there, which means that reaching that area will make up A LOT of volume and that would be healthy for the next bull market, since notably there has been an important LACK of volume in the past few months.
We'll see how things play out, bulls take a seat and bears put on your shorts for this little last run (hopefully)!
This is not professional advice, it is just an idea and as such should be treated.