Ethereum is following BTC in lockstep over the past week and failed as well overnight to close higher. We have since returned back down onto the demand zone and with Bitcoin looking weak, we can expect ETH to follow suit.
EMAs continue to trend slightly lower compared to BTCs who are intertwined. If we do see Ethereum return inside the demand block, we could revisit the bottom and possibly make our way down into the lower support zones.
It is futures expiration for BTC today around 11am so we could get some movement either way but taking the chart as it is right now, it could very well test lower before moving back up BUT as mentioned futures expiration brings a lot of volatility so its 50/50 right now.
Thanks guys!
EMAs continue to trend slightly lower compared to BTCs who are intertwined. If we do see Ethereum return inside the demand block, we could revisit the bottom and possibly make our way down into the lower support zones.
It is futures expiration for BTC today around 11am so we could get some movement either way but taking the chart as it is right now, it could very well test lower before moving back up BUT as mentioned futures expiration brings a lot of volatility so its 50/50 right now.
Thanks guys!