As far as ETHUSD, a couple of situations could play out. Price is currently testing a significant level that was perviously tested in the past. Although this level fueled the bullish rally towards 4000, it seems like price is not showing enough buying pressure to send the price towards the upside.
So what I think will likely happen, is price will drop to the lower significant level and begin test the level as support, followed by a bullish continuation pattern to help establish uptrend structure again.
I believe this setup is more probable because price is still relatively overbought and a larger correction movement will settle this issue and allow more buyers to come into play. If price does manage to drop to 2800, wouldn't be a bad idea to throw some money into ETH! Well see how she plays out.
So what I think will likely happen, is price will drop to the lower significant level and begin test the level as support, followed by a bullish continuation pattern to help establish uptrend structure again.
I believe this setup is more probable because price is still relatively overbought and a larger correction movement will settle this issue and allow more buyers to come into play. If price does manage to drop to 2800, wouldn't be a bad idea to throw some money into ETH! Well see how she plays out.
